Profit at IAG up over 20pc as passenger unit revenue increases
Willie Walsh-run International Airlines Group (IAG) has announced operating profit of €1.5bn for the three months to 30 September.
Before exceptional items, the operating profit is up 20.7pc year-on-year.
Total revenue at the airline group was €17.5bn, of which passenger generated revenue was €15.5bn.
Passenger unit revenue was up 2.2pc at constant currency, boosted by improvements in the Spanish and Latin American markets.
Non-fuel unit costs were up 2.5pc at constant currency.
The group had cash of €7.5bn as at 30 September, a massive increase from the €1bn in cash held by the company at year-end 2016.
In announcing the results, IAG said that it had experience a negative impact from currency translations and transactions of €7m over the nine months to 30 September.
IAG said that an interim dividend of €12.5 cents per share would be paid to shareholders.
Commenting on the results, Willie Walsh IAG CEO, said that all the group’s companies were performing well. In addition Mr Walsh said that IAG cargo improved in the three months to 30 September due to stronger Asia Pacific demand.
On the trading outlook, IAG have indicated that "at current fuel prices and exchange rates, IAG expects its operating profit for 2017 to be around €3bn before exceptional items."