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IAG Reports First Quarter 2023 Net Loss of €87 Million or €1.80 per Basic Share

IAG had reported a first quarter net loss of €87 million or (€1.80) per basic share on a 71.4 percent year-over-year increase in revenue to €5.9 billion. At March 31, 2023, the Group had cash, cash equivalents and interest-bearing deposits totaling €11.37 billion.

IAG Reports First Quarter 2023 Financial Results - Courtesy IAG

On Friday (May 5, 2023), The International Consolidated Airlines Group (IAG) reported their first quarter financial results for the period ending March 31, 2023. The Group reported a first quarter net loss of €87 million or (€1.80) per basic share, a vast improvement compared to a net loss of €787 million or (€15.90) per basic share during Q1 2022. IAG’s first quarter revenue increased year-over-year by 71.3 percent to €5.9 billion. At March 31, 2023 the company had cash, cash equivalents and interest-bearing deposits of €11.37 billion, and total liquidity of €15.08 billion, including committed and undrawn general and overdraft facilities, and aircraft-specific financing facilities. IAG’s total net debt at the close of the first quarter was €8.4 billion.

In Friday’s announcement, IAG’s Chief Executive Officer, Luis Gallego, said,

“IAG 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

our airlines performed above expectations, benefiting from robust demand and a lower fuel price in the quarter. We are seeing healthy forward bookings with leisure demand particularly strong while business travel continues to recover more slowly.

“As we return to more normal operations, we continue to invest in sustainability, including more fuel-efficient aircraft, and in customer experience, updating the business cabins for British Airways and Iberia. Over the past year we have recruited thousands of new employees across the Group and strengthened our operations so that we are ready to deliver for our customers during the summer peak.

“We have the right model to succeed with synergies and efficiencies across the Group and I want to thank all our employees for the role they have played in our continued recovery.”

IAG's First Quarter 2023 Financial Results Summary - Courtesy IAG

During the first quarter, British Airways returned to profitability for the first time since Q1 2019. Iberia reported their best first quarter performance ever, becoming one of the world’s most profitable airlines for Q1 2023. Aer Lingus is seeing strong demand to the U.S. and Caribbean, but their short-haul business is seeing some softness, as are some technology industry-related routes. Vueling’s strategy to build winter season capacity to leisure destinations has produced high unit revenue and load factors, which has also supported improving and sustainable ancillary revenue. Cargo revenue was down year-over-year by €109 million to €323 million, but still up 17.5 percent versus Q1 2019. IAG Loyalty added 1.2 new members during the first quarter and delivered an operating profit of €81 million. For the full year, IAG expects capacity to reach 97 percent of pre-pandemic 2019 levels.

The Group’s airlines took delivery of three new standard body aircraft during the first quarter, including one Airbus A320neo and two A321neos. The company expects to receive a total of 29 new aircraft during 2023. At the end of Q1 2023, IAG’s in-service fleet included 561 aircraft.

Source: International Consolidated Airlines Group / RNS Number: 5562Y (LEI: 959800TZHQRUSH1ESL13)


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