IAG reports strong quarter despite higher fuel costs
British Airways’ parent IAG has reported strong third quarter results despite rising fuel costs and unfavourable exchange rates.
Third quarter operating profit, before exceptional items, was €1,460 million, slightly up on €1,450 million for the same period last year.
Meanwhile, operating profit for the nine months to September 30 was €2,575 million, up 7.3% on the previous year.
This was despite a 15% rise in fuel costs and a hit of €111 million due to the impact of foreign exchange headwinds.
Passenger unit revenue for the quarter was up 1.3%, or 2.4% at constant currency.
CEO Willie Walsh said: "These were strong results despite significant fuel cost and foreign exchange headwinds."
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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