LONDON (dpa-AFX) - Airline holding company International Consolidated Airlines Group S.A. (IAG.L) reported that its profit after tax for the third quarter increased to 1.44 billion euros from 1.23 billion euros in the previous year.
Total revenues for the third quarter grew to 9.33 billion euros from last year's 8.65 billion euros, mainly due to higher passenger revenue, with an improvement in Cargo revenue and Maintenance, Repair and Overhaul (MRO) revenue at Iberia.
Passenger revenue per available seat kilometre ('ASK') for the third quarter was 1.2% higher than in the third quarter of 2023, despite an exceptionally strong comparative quarter in 2023.
The company announced a share buyback program of 350 million euros. The program will be executed through the purchase of shares, including 262 million euros for market purchases and 88 million euros for purchases from Qatar Airways. The program will start on 11 November 2024 and end no later than 28 February 2025.
The company expects planned capacity growth of approximately 5% for the fourth quarter, with a total growth of around 6% for the full year.
The company expects its strong financial performance to continue for the rest of the year.
The company expects capital expenditure in 2024 to be around 3.1 billion euros, with 20 aircraft to be delivered in the year, including four in the fourth quarter.
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