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28-Feb-2011 4:16 PM

IAG reports consolidated results for British Airways and Iberia

International Airlines Group (IAG), the company created out of the merger of British Airways and Iberia Airlines, reported its first ever consolidated financial highlights for the two airlines. The group earned net profit of EUR90 million for the three months to the end of Dec-2010, on revenue of EUR3.8 billion for the quarter. Shares in AIG were down 0.7% to the close of trading on Friday.

IAG 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%;

Meanwhile, Alitalia Group also reported its financial highlights for 12 months ended 31-Dec-2010:

  • Revenue: EUR3225 million, +14.1% year-on-year;
  • Operating profit (loss): (EUR107 million), compared with a loss of EUR274 million in p-c-p;
  • Net profit (loss): (EUR168 million), compared with a loss of EUR327 million in p-c-p;
  • Passenger numbers: 23.4 million, +7.4%;
  • Load factor: 70.5%, +5.5 ppts.

Selected EAD daily share price movements (% change): 25-Feb-2011