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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ice Cream maker Ben & Jerry's reportedly filed a lawsuit against parent and British consumer giant Unilever to stop the sale of its Israeli business to a local license-holder Avi Zinger. The company alleged that the decision was made without the approval of its independent board. The judge reportedly denied Ben & Jerry's application for a temporary restraining order against Unilever. J&M Foods is recalling certain Lavender Shortbread Cookies sold through department store chain Target Corp. due to undeclared allergens, the U.S. Food and Drug Administration said. These packages were erroneously packed with Chocolate Chip Cookies and do not disclose the presence of a possible allergen, such as soy or eggs. A multi-state listeria outbreak that has killed one and sickened at least 23 others has been linked to Florida -based Big Olaf Creamery brand ice cream, according to the Centers for Disease Control and Prevention or CDC. The outbreak strain has been reported from 10 states, resulting in 22 hospitalizations. One death has been reported from Illinois.
Follow RTT