Thursday 20 June 2019

Profit slumps by over 60pc at Aer Lingus owner

An Aer Lingus plane at Cork Airport
An Aer Lingus plane at Cork Airport
Independent.ie Business Desk

Aer Lingus owner International Consolidated Airlines Group (IAG) has reported a 60.3pc drop in operating profit before exceptional items to €135m in the first quarter of 2019.

Underlying profit after tax slumped 62.6pc to €70m.

Chief executive Willie Walsh said European airlines were affected by "fuel and foreign exchange headwinds, market capacity impacting yield and the timing of Easter" during the period.

Passenger unit revenue for the quarter was down 1.4pc in constant currency, meanwhile fuel unit costs for the quarter were up 11.1pc at constant currency.

The company expects 2019 operating profit before exceptional items to be in line with 2018.

Passenger unit revenue is expected to be flat at constant currency and non-fuel unit cost is expected to improve at constant currency.

Press Association

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