LONDON (dpa-AFX) - International Consolidated Airlines Group S.A. (IAG.L), an Anglo-Spanish airline holding company, reported that its first quarter loss before tax narrowed to 121 million euros from 916 million euros in the prior year.
The airline said customer demand currently remains strong in all IAG's airlines and in all regions, particularly for leisure customers.
The company expects capacity to be around 97 per cent of 2019 levels for the full year, as it focuses on its core markets.
The company said it is seeing healthy forward bookings with leisure demand particularly strong while business travel continues to recover more slowly.
The company currently expects its full year 2023 operating profit before exceptional items to be higher than the top end of its previous guidance of 1.8 billion euros to 2.3 billion euros.
IAG reported that its loss after tax for the first quarter narrowed to 87 million euros from 787 million euros in the previous year.
IAG said it has delivered a strong first quarter financial performance, as Group airlines recovered capacity to close to pre-pandemic levels. Iberia contributed a record first quarter profit and all of its airlines performed above expectations, benefiting from robust demand and a lower fuel price in the quarter.
Total revenue for the first quarter grew to 5.89 billion euros from 3.44 billion euros in the prior year.
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