IAG share price: First-quarter results out

iNVEZZ.com, Friday, May 9: International Consolidated Airlines Group (LON:IAG) today posted first-quarter operating loss of €150 million against operating loss of €278 million in Q1 2013.

Highlights:
· Revenue for the quarter up 6.7 per cent to €4,203 million, up 7.6 per cent at constant currency
· Non-fuel costs up 3.8 per cent, up 4.8 per cent at constant currency
· At constant currency, first quarter passenger unit revenue down 1.4 per cent (excluding Vueling down 0.5 per cent) and non-fuel unit costs down 6.2 per cent (excluding Vueling down 4.2 per cent)

· Fuel unit costs for the quarter down 8.9 per cent, 7.4 per cent at constant currency
· Cash of €4,004 million at March 31, 2014 was up €371 million on 2013 year end
· Adjusted gearing remains at 50 per cent
Willie Walsh, IAG Chief Executive Officer, said:
“We’re pleased that our quarterly operating loss has reduced significantly from €278 million last year to €150 million, especially as Vueling’s quarterly losses were not included last year as they weren’t in the Group. At constant currency, revenue was up 7.6 per cent and non-fuel costs rose 4.8 per cent.
Traffic statistics for April:
In April 2014, Group traffic measured in Revenue Passenger Kilometres increased by 18.0 per cent versus March 2013 (up 9.5 per cent on a pro-forma basis); Group capacity measured in Available Seat Kilometres rose by 16.6 per cent (up 7.6 per cent on a pro-forma basis).
More to follow…