IAG Posts Narrower Operating Loss In Q1; Sees Profitable Operating Result From Q2

International Consolidated Airlines Group (IAG.L,BAIRY.PK,BAY.L) said the Group's operating loss reduced significantly in the first quarter compared to last year, with losses reflecting normal seasonality, the impact of Omicron and costs associated with ramping up operations. Passenger capacity in first quarter was 65% of 2019 capacity, up from 58% in fourth quarter. The Group expects to achieve 80% of 2019 capacity in the second quarter and 85% in the third quarter. IAG also expects its operating result to be profitable from second quarter, leading both operating profit and net cash flows from operating activities to be positive for the year.

First quarter operating loss before exceptional items was 754 million euros compared to a restated prior year operating loss before exceptional items of 1.14 billion euros. Adjusted loss per share, in euro cents, was 16.3 compared to a loss of 22.8.

Loss after tax and exceptional items for the first quarter was 787 million euros compared to a restated prior year loss of 1.07 billion euros. Basic loss per share in euro cents was 15.9 compared to a loss of 21.6.

First quarter total revenue before exceptional items was 3.43 billion euros compared to 963 million euros, previous year. Passenger revenue before exceptional items increased to 2.65 billion euros from 454 million euros.

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