International Consolidated Airlines Group SА (IAG), which includes British Airways, increased its net profit in the third quarter to 1 billion EUR, compared to 930 million EUR during the same period last year. The operating profit increased by 21% to 1.46 billion EUR. Following the record good finance statement, the airline group also raised forecasts for annual profit growth to 20%.
Revenues of IAG grew by 2% to 6.62 billion EUR, while revenue per passenger increased by 2.2%. The company expects to receive a record annual operating profit, the figure could reach 3 billion EUR. The third quarter is traditionally the most profitable for airlines.
However, IAG recorded the cost for the restructuring the Spanish unit Iberia in the amount of 180 million EUR in the past quarter.
In the current year, were started also the flights of a new low-cost carrier Level. The company, among other things, operates flights across the Atlantic.
According to IAG General Director William Walsh, Level plans to expand the network of routes from the US to Europe and can increase the aircraft fleet to 30 by 2022.
Shares IAG fell in the course of trading at 3.9%, the company’s capitalization is 13.75 billion GBP (18.1 billion USD).
In addition to British Airways and Level, IAG owns Spanish Iberia and low-cost airlines Vueling and Aer Lingus. The group’s fleet comprises 547 aircraft, serving 268 destinations around the world and carrying more than 100 million passengers annually.
