Monday 23 April 2018

Aer Lingus parent IAG post operating profit of €1.8bn for 2015 so far

IAG Chief Executive Willie Walsh
IAG Chief Executive Willie Walsh
Michael Cogley

Michael Cogley

International Consolidated Airlines Group (IAG), the company who own Aer Lingus, posted its consolidated results for the nine month period ending on September 30 showing an increase in revenue for the first nine months.

Total revenue for the group is up 13pc for the nine month period year on year to €17.12bn while its third quarter operating profit was €1.25bn which includes Aer Lingus. Excluding the Irish airline, IAG, had an operating profit of €1.21bn for the third quarter.

Fuel costs at the group are down 8.6pc while non-fuel unit costs for the quarter rose 5.6pc.

The company had cash of €6.79bn at September 30 and 2015 was up €1.84bn on 2014 year end, including €958m from Aer Lingus

Adjusted gearing in the group was down 2 points to 49pc and adjusted net debt to EBITDAR improved 0.1 to 1.8 times

Chief executive officer at IAG, Willie Walsh, said that Aer Lingus is a great asset for the group.

"We're reporting strong quarter results with a positive contribution from all of our airlines. IAG made an operating profit before exceptional items of €1,250 million, up from €900 million last year.

"Our passenger unit revenue showed a better trend than in the second quarter of the year and our cost performance remained strong.

"We're delighted to announce IAG's first dividend payment of 10 euro cents per share. For the full year we expect to pay out 25pc of our underlying profit after tax in dividends and plan to announce a proposal for a final dividend for 2015 when the full year results are published.

"Aer Lingus made an operating profit of €45m since it joined IAG on August 18. While the airline's profitability is seasonal, Aer Lingus is cost-effective and provides a natural gateway to build our business between Europe and North America. It's a great asset for the Group," Mr Walsh said.

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