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IAG reports operating profit in 2Q2013, expects FY capacity to decline and non-fuel unit cost flat

2-Aug-2013 6:56 PM

International Consolidated Airlines Group (IAG) revenue up 3% – financial highlights:

  • Three months ended 30-Jun-2013:
    • Total revenue: EUR4768 million, +3.4%;
      • Passenger: EUR4152 million, +5.9%;
      • Cargo: EUR271 million, -9.4%;
    • Total operating costs: EUR4524 million, -2.0%;
      • Fuel: EUR1500 million, -3.9%;
      • Labour: EUR1038 million, -3.5%;
    • Operating profit before exceptional items: EUR245 million, compared to a loss of EUR4 million in p-c-p;
    • Operating profit after exceptional items: EUR244 million, compared to a loss of EUR42 million in p-c-p;
    • Profit after tax: EUR127 million, compared to a loss of EUR78 million in p-c-p;
    • Passenger traffic: +4.0%;
    • Passenger load factor: 81.2%, -0.1 ppt;
    • Passenger yield: EUR 8.79 cents, +1.9%;
    • Passenger revenue per ASK: EUR 7.14 cents, +1.7%;
    • Cargo traffic: -8.8%;
    • Cargo yield: EUR 19.47 cents, -0.6%;
    • Total cost per ASK: EUR 7.77 cents, -6.0%;
    • Cost per ASK excl fuel: EUR 5.19 cents, -5.1%;
  • Six months ended 30-Jun-2013:
    • Total revenue: EUR8707 million, +2.1% year-on-year;
      • Passenger: EUR7498 million, +4.0%;
      • Cargo: EUR541 million, -8.3%;
    • Total operating costs: EUR9052 million, -0.5%;
      • Fuel: EUR2861 million, -3.7%;
      • Labour: EUR2337 million, stable;
    • Operating profit (loss) before exceptional items: (EUR33 million), compared to a loss of EUR253 million in p-c-p;
    • Operating profit (loss) after exceptional items: (EUR345 million), compared to a loss of EUR254 million in p-c-p;
    • Profit (loss) after tax: (EUR503 million), compared to a loss of EUR207 million in p-c-p;
    • Passenger traffic (RPKs): +2.0%;
    • Passenger load factor: 79.4%, +0.6 ppt;
    • Passenger yield: EUR 8.70 cents, +2.0%;
    • Passenger revenue per ASK: EUR 6.91 cents, +2.8%;
    • Cargo traffic: -8.4%;
    • Cargo yield: EUR 19.63 cents, +0.1%;
    • Total cost per ASK: EUR 8.05 cents, -1.7%;
    • Cost per ASK excl fuel: EUR 5.41 cents, -0.2%;
    • Total assets: EUR20,184 million;
    • Cash and cash equivalents: EUR1951 million;
    • Total liabilities: EUR17,747 million. [more - original PR]

IAG: “In the light of the requirement for the Group to seek shareholder approval for fleet orders and the consequent requirement to report on any outstanding profit forecast as part of that process, IAG is no longer giving guidance at the operating profit level for 2013. However, it provides the following statement on the outlook: Current trading is in line with recent trends. For 2013, we expect to grow Group capacity by 5.2% including Vueling (reduction of 2.4% excluding Vueling). We should see a reduction in the Group’s non-fuel unit cost (flat excluding Vueling).” Source: Company statement, 02-Aug-2013.