IAG returns to profit in the first half

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THE IAG air group (International Consolidated Airlines), – parent company of British Airways, Iberia, Aer Lingus, Level and Vueling– reconnected with profits in the first half of 2023 thanks to the high demand for travel in the post-Covid period.

The Anglo-Spanish airline group recorded a net profit group share of 921 million euros for the six months ended the end of June against a loss of 654 million a year earlier, with a turnover up 45% at 13.6 billion euros over the period, according to a press release published yesterday. Its performance can be explained by strong demand everywhere and at a “outperformance in (its) activity in Spain“. The group saysparticularly focused on generating resilient operations this summer“, with the peak of demand for the summer holidays, “in light of difficult operating conditions in the UK and several parts of Europe“, because of strike movements.

Our strong earnings (…) help us improve our balance sheet and reduce our debt. We expect a return to our pre-pandemic transport capacity at the end of the year“, added its general manager Luis Gallego. IAG’s capacity is currently at 94% of 2019 capacity. The airline group has also announced the conversion of options for six Boeing 787-10s and one A350-900 into firm orders, while adding six other 787-10 options to its long-range aircraft backlog.

John Walker Avatar