IAG reports 'another strong' quarter in 2Q2016

International Consolidated Airlines (IAG) revenue up 1% - financial highlights:

• Three months ended 30-Jun-2016:
• • Total revenue: EUR5708 million, +0.9% year-on-year;
  • • Passenger: EUR5074 million, +1.2%;
    • Cargo: EUR241 million, -12.0%;
  • Total operating costs before exceptional items: EUR5153 million, +0.5%;
  • • Fuel: EUR1274 million, -22.5%;
    • Labour: EUR1241 million, +3.1%;
  • Operating profit before exceptional items: EUR555 million, +4.7%;
  • Net profit: EUR396 million, +10.6%;
  • Passenger numbers: 26.3 million, +19.8%;
  • Passenger load factor: 80.9%, +0.2 ppt;
  • Cargo volume: 171,000 tonnes, -20.4%;
  • Passenger yield: EUR 8.17 cents, -10.4%;
  • Passenger revenue per ASK: EUR 6.61 cents, -10.2%;
  • Total cost per ASK: EUR 6.71 cents, -10.8%;
  • Cost per ASK excl fuel: EUR 5.05 cents, -1.1%;
• Six months ended 30-Jun-2016:
• • Total revenue: EUR10,786 million, +4.1% year-on-year;
  • • Passenger: EUR9539 million, +4.3%;
    • Cargo: EUR503 million, -6.9%;
  • Total operating costs before exceptional items: EUR10,076 million, +2.7%;
  • • Labour: EUR2467 million, +6.0%;
    • Fuel: EUR2465 million, -18.7%;
  • Operating profit before exceptional items: EUR710 million, +27.9%;
  • Net profit before exceptional items: EUR489 million, +47.3%;
  • Passenger numbers: 46.7 million, +20.8%;
  • Passenger load factor: 80.0%, +0.7 ppt;
  • Cargo volume: 375,000 tonnes, -13.1%;
  • Passenger yield: EUR 8.35 cents, -8.0%;
  • Passenger revenue per ASK: EUR 6.67 cents, -7.2%;
  • Total cost per ASK: EUR 7.05 cents, -8.5%;
  • Cost per ASK excl fuel: EUR 5.33 cents, stable;
  • Total assets: EUR28,344 million;
  • Cash and cash equivalents: EUR3068 million;
  • Total liabilities: EUR23,557 million. [more - original PR]

IAG: "Although visibility of revenue trends for quarter 4 remains low, we already have 74 per cent of our expected revenue booked for quarter 3. Based on current fuel price and currency levels, and given our high visibility over H2 cost reductions, we expect low double digit percentage growth in pre-exceptional operating profit in 2016." Source: Company statement, 29-Jul-2016.