IAG Q4 Pre-tax Loss Narrows; Sees Operating Result To Be Profitable From Q2

International Consolidated Airlines Group (IAG.L,BAIRY.PK,BAY.L) reported that its fourth quarter loss before tax narrowed to 457 million euros from 1.61 billion euros in the previous year.

Loss after tax for the quarter also narrowed to 311 million euros from 1.36 billion euros last year.

Quarterly operating loss was 278 million euros compared to an operating loss of 1.48 billion euros in the prior year.

Total revenues for the fourth quarter grew to 3.53 billion euros from 1.30 billion euros in the previous year.

IAG expects a significant quarterly operating loss for the first quarter due to normal seasonality, the impact of Omicron on near-term bookings and the impact on operating costs of re-building capacity.

IAG expects its operating result to be profitable from second quarter, leading both operating profit and net cash flows from operating activities to be significantly positive for the year.

The outlook assumes no further setbacks related to COVID-19 and government-imposed travel restrictions or material impact from recent geopolitical developments.

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