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IAG Reports First Quarter 2024 Net Loss of €4.0 Million or 0.1 Cent per Diluted Share

IAG has reported a first quarter operating profit of €68.0 million, and a net loss after taxes of €4.0 million or (0.1) cent per diluted share. The Group's first quarter revenue increased year-over-year by 9.2 percent to €6.4 billion.


IAG Reports First Quarter 2024 Financial Results - Image Courtesy British Airways

On Friday (May 10, 2024) the International Consolidated Airlines Group (IAG) reported their first quarter financial results for the period ending March 31, 2024.  The Group reported a first quarter operating profit of €68.0 million, up from €9.0 million for Q1 2023, and a net loss after taxes of €4.0 million or (0.1) cent per diluted share.  During the period, IAG reduced their net debt to €7.4 billion, down from €9.2 billion at December 31, 2023.  The Group ended the quarter with €13.3 billion in liquidity, including cash, cash equivalents and interest-bearing deposits, as well as committed and undrawn general and aircraft-specific financing facilities.


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


“Our transformation initiatives and increased demand, including over the Easter holidays, have delivered another very good set of results with improvements to both revenue and operating profit.  Our Group benefits from the strength of our core markets – North Atlantic, South Atlantic and intra-Europe – and the performance of our brands. Investment across the Group in transformation is delivering encouraging improvements in punctuality and customer experience at our airlines.  IAG Loyalty continues to perform very well.  We are well-positioned for the summer.  The high demand for travel is a continuing trend.”


International Consolidated Airlines Group's First Quarter 2024 Financial Results - Courtesy IAG

During the first quarter, IAG took delivery of four aircraft, including one Airbus A350-1000 for British Airways, one A350-900 for Iberia, and two Airbus A320ceos on direct lease to Vueling.


The International Consolidated Airlines Group (IAG) is one of the world’s leading airline groups and has a combined fleet of nearly 600 aircraft.  The Group’s airlines include Aer Lingus, British Airways, Iberia, Level and Vueling.  The company’s other subsidiaries include IAG Loyalty, IAG Cargo, and IAB Global Business Services (GBS).


 

Source: IAG/ RNS Number: 8794N

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