IAG, the parent company of British Airways has just reported one its largest profit in the past few quarters.
Operating profit for the group in the first quarter of the year was EUR170 million compared to EUR155 million recorded in the year 2016
Willie Walsh, IAG Chief Executive Officer, said “We’re reporting an operating profit of €170 million before exceptional items which are up from €155 million compared to last year. This is a record performance in Q1, traditionally our weakest quarter, with the improving trend in passenger unit revenue continuing.
“The impact of currency exchange was €32 million in the quarter due to the translation of sterling profit into euros.
“In March we launched LEVEL, our new longhaul low cost airline brand, which starts flights from Barcelona to Los Angeles, San Francisco, Punta Cana and Buenos Aires in June. It’s already been extremely successful with sales running well ahead of expectations”.