IAG operating loss more than doubles in 1Q2012. Expects breakeven in FY2012

International Airlines Group revenue up 8% - financial highlights for three months ended 31-Mar-2012:

• Total revenue: EUR3919 million, +7.8% year-on-year;
  • Passenger: EUR3290 million, +9.0%;
  • Cargo: EUR291 million, +0.3%;
• Operating costs: EUR4168 million, +11.5%;
  • Fuel: EUR1409 million, +24.9%;
  • Labour: EUR994 million, +7.6%;
• Operating profit (loss): (EUR249 million), compared to a loss of EUR102 million in p-c-p;
  • British Airways: (GBP62 million), compared to a loss of GBP5 million in p-c-p;
  • Iberia: (EUR170 million), compared to a loss of EUR100 million in p-c-p;
• Net profit (loss): (ERU183 million), compared to a loss of EUR50 million in p-c-p;
• Passenger numbers: 11.4 million, -1.2%;
• Load factor: 76.1%, +2.2 ppts;
• Passenger yield; EUR 8.41 cents, +5.3%;
• Passenger revenue per ASK: EUR 6.40 cents, +8.5%;
• Cargo traffic (FTKs): -2.2%;
• Cargo yield: EUR 19.65 cents, +2.6%;
• Cost per ASK: EUR 8.11 cents, +10.9%;
• Cost per ASK excl fuel: EUR 5.37 cents, +5.1%. [more - original PR]

IAG: "Demand in London remains strong, with a continuation of the encouraging trends we saw in H2 2011 in our longhaul premium cabins, particularly on North Atlantic routes. The above factors mean that IAG expects its operating result to be around the breakeven level for the full year, after exceptional items, including the non-recurring bmi restructuring cost." Source: Company statement, 11-May-2012.