International Consolidated Airlines Group S.A. (IAG.L), an Anglo-Spanish airline holding company, on Friday recorded a turnaround to profit for 2022, reflecting a surge in revenue, driven by a recovery from Covid-19 and increased demand.
For the 12-month period, the Madrid, Spain-based Group posted a pre-tax income of 415 million euros, compared with a loss of 3.507 billion euros of previous year.
Post-tax profit was at 431 million euros or 6.1 cents per share, versus a loss of 2.933 billion euros or 59.1 cents per share of 2021. Excluding items, post-tax earnings were at 402 million euros or 5.6 cents per share, compared with a loss of 3.038 billion euros or 61.2 cents per share of previous year.
Operating earnings stood at 1.256 billion euros as against last year's loss of 2.765 billion euros.
Operating profit before exceptional items reported at 1.225 billion euros, compared with last year's loss of 2.970 billion euros.
The strong recovery in demand and traffic was reflected in the Group's passenger load factor, which reached 81.8 percent for the year, down just 2.8 points from 2019. The company added that it has restored 87 percent of 2019 capacity, measured in available seat kilometers or ASKs.
Revenue surged to 23.066 billion euros from 8.455 billion euros a year ago.
Looking ahead, for the first-quarter, IAG sees operating loss of around 200 million euros.
For 2023, the Group expects operating profit before exceptional items of 1.8 billion euros - 2.3 billion euros, with ASKs of around 98 percent of the 2019 level.
The company projects a capital expenditure of around 4 billion euros for the year.
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