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The owner of British Airways reports a sharp rise in profits

The owner of British Airways, International Airlines Group (IAG), has reported a significant increase in profits for the first three months of the year. The operating profit soared to €68m (£58.5m), surpassing expectations and marking a considerable improvement from the €9m (£7.7m) recorded during the same period in 2023.

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Strong demand and lower fuel costs contribute to earnings growth

The surge in earnings for IAG can be attributed to robust demand, especially during the Easter holidays, and a decrease in fuel costs. The company noted a nearly 5% drop in fuel costs compared to the previous year, thanks to lower prices and more efficient aircraft deliveries.

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Positive outlook fueled by increased bookings

Chief executive Luis Gallego expressed optimism about the future, highlighting that the group’s airlines have already secured a significant portion of bookings for the upcoming quarters. With over 80% of projected bookings for the second quarter and more than 40% for the third quarter, IAG is well-positioned for continued growth.

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Resilience in the face of challenges

Despite external factors such as the Israel-Hamas war and previous customer satisfaction ratings, IAG has demonstrated resilience and strong financial performance. The company’s ability to navigate challenges and capitalize on opportunities underscores its strategic position in the aviation industry.

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