British Airways owner slashes first-quarter loss

Source: Malay Mail

LONDON, May 10 -- British Airways parent IAG slashed net losses in the first quarter thanks to growing travel demand, the group said today.

Losses after tax totalled four million euros (RM20.4 million) in the first three months of 2024, sharply down from 87 million euros a year earlier, the aviation conglomerate said in a results statement.

IAG, which also owns Spanish carrier Iberia, added that sales jumped 9.2 per cent to 6.4 billion euros in the reporting period.

"Strong demand for travel has helped to deliver a very good first quarter and we are well-positioned for the summer," the company added.

Airlines tend to log losses for the first three months of the year because of the northern hemisphere winter, typically a quieter travel period compared with the peak-demand summer season.

London-listed aviation giant IAG has enjoyed annual profits since 2022 following the resumption of air travel after the lifting of Covid restrictions.

IAG was formed from 2011 merger of British Airways and Iberia and has since expanded to also include Aer Lingus, Level and Vueling. -- AFP