Business Irish

Thursday 14 December 2017

Aer Lingus owner IAG posted record first quarter profits

Aer Lingus owner IAG posted record first quarter profits Photo: Bloomberg
Aer Lingus owner IAG posted record first quarter profits Photo: Bloomberg

Donal O’Donovan

Aer Lingus owner IAG posted record first quarter profits on Friday, and indicated a more upbeat view on pricing.

Shares were up more than 6pc to 608pence each in early trading, on the back of the news. IAG, headed by Willie Walsh, said the group’s performance since last year has been encouraging.

"What we're seeing is that trend, which was an issue commented on by a lot of airlines. We're seeing an improving trend and it's moving faster than we would have expected," he said.

IAG owns British Airways, Iberia and Vueling as well as Aer Lingus, and has recently launched Level  - a Barcelona based low cost, long haul airline to take on players like Wow and Norwegian Air Service.

IAG said first-quarter operating profit before exceptionals was €170m – almost 10pc higher than the same time last year. Total revenue fell but still beat forecasts.

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