IAG reports combined profit in Dec-2010 quarter

International Airlines Group (IAG) revenue up 13% - consolidated* financial highlights for the three months ended 31-Dec-2010:

• Revenue: EUR3812 million, +13.4% year-on-year;
• Operating costs: EUR3806 million, +9.5%;
  • Fuel: EUR989 million, +5.2%;
  • Labour: EUR979 million, +11.0%;
• Operating profit: EUR6 million, compared with a loss of EUR114 million in p-c-p;
• Net profit: EUR90 million, compared with a loss of EUR130 million in p-c-p;
• Passenger traffic (RPKs): +2.7%;
• Load factor: 78.0%, -0.3 ppt;
• Passenger revenue per ASK: EUR 6.31 cents, +12.6%;
• Passenger yield: EUR 8.09 cents, +13.1%;
• Cargo yield: EUR 19.0 cents, +24.2%;
• Total cost per ASK: EUR 7.55 cents, +6.6%;
• Cost per ASK excl fuel: EUR 5.59 cents, +8.3%;
• Total assets: EUR18,619 million, +13.7%;
• Cash and cash equivalents: EUR4352 million, +22.9%;
• Total liabilities: EUR13,949 million, +11.6%. [more]

* Combined British Airways and Iberia results prior to their merger in Jan-2011

IAG: "Our long-haul business remains strong, particularly in the premium sector, but the short-haul European market continues to be highly competitive. We are monitoring the impact of the current Middle East instability on fuel prices and have the flexibility to change our capacity plans if necessary," Company statement. Source: IAG, 25-Feb-2011.