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IAG 1Q2011 losses narrow, sees operating profit growth in FY2011

9-May-2011 2:11 PM

IAG revenue up 15% - consolidated financial highlights for the three months ended 31-Mar-2011:

  • Total revenue: EUR3636 million, +15.4% year-on-year;
    • Passenger: EUR3018 million, +14.9%;
  • Operating costs: EUR3738 million, +10.3%;
    • Fuel: EUR1128 million, +30.9%;
    • Labour: EUR924 million, +3.9%;
  • Operating profit (loss): (EUR102 million), compared with a loss of EUR238 million in p-c-p;
  • Profit (loss) before tax: (EUR47 million), compared with a loss of EUR273 million in p-c-p;
  • Profit after tax: EUR33 million, compared with a loss of EUR243 million in p-c-p;
  • Passenger numbers: 11.5 million, +3.2%;
  • Seat factor: 73.9%, -2.4 ppts;
  • Passenger yield: EUR 7.99 cents, +8.8%;
  • Passenger revenue per ASK: EUR 5.90 cents, +5.2%;
  • Cargo traffic (FTKs): +8.9%;
  • Cargo yield: EUR 19.15 cents, +14.3%;
  • Total cost per ASK: EUR 7.31 cents, +1.1%;
  • Cost per ASK excl fuel: EUR 5.11 cents, -5.2%;
  • Net debt: EUR512 million, -42.8% when compared with the period ended 31-Dec-2011;
  • Cash and cash equivalents: EUR4317 million;
  • FY2011 forecast:
    • Fuel cost: EUR5200 million, EUR100 million worse than its previous expectations in 4Q2010;
    • Capacity (ASKs): +8%. [more]

IAG: “We expect significant growth in operating profit this year, with improvements in both our unit revenue and unit cost performance versus 2010 and are on track to reach our synergy targets. Our long-haul business is stable, with strength in the premium sector, but the short-haul European market remains highly competitive. Capacity growth is mainly concentrated in core markets and is being achieved with no material growth in fleet or staff. We retain flexibility to cut capacity if necessary, from Q4 onwards,” Company statement. Source: IAG, 06-May-2011.