IAG reduces losses
British Airways’ parent IAG has managed to cut its losses for the first quarter.
The group, which also owns Iberia and Vueling, reduced its operating loss from €278 million in 2013 to €150 million for the three months to March 31.
Iberia almost halved its losses to €111 million compared to €202 million last year, thanks to an ongoing cost cutting programme including 3,000 job cuts.
Meanwhile, BA made an operating loss of €5 million in the quarter, compared to a €72 million operating loss in 2013.
"The airline (BA) has increased capacity within a controlled cost environment and benefited from the efficiency of its new Airbus A380 and Boeing 787 aircraft," said CEO Willie Walsh.
"Vueling made an operating loss of €30 million and has managed to keep its losses flat while growing capacity. The airline continues to grow with its main focus in southern Europe."
Looking ahead, IAG expects to improve operating profit for the 2014 full year by at least €500 million, from a 2013 base of €770 million.
"Unit revenues should remain relatively flat, with margin expansion driven by a reduction in unit costs," it said.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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