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BA owner IAG slows growth plans after Brussels attacks | |
(35 minutes later) | |
Airline group IAG, the owner of British Airways and Iberia, has said it will temporarily slow plans to fly more routes following the Brussels attacks. | Airline group IAG, the owner of British Airways and Iberia, has said it will temporarily slow plans to fly more routes following the Brussels attacks. |
It also said there was weaker demand from high-margin business-travellers. | It also said there was weaker demand from high-margin business-travellers. |
IAG reported pre-tax profits of €124m (£96m) for the first quarter, compared with a loss of €37m in 2015. | |
"March revenue was affected by the timing of Easter and the Brussels terrorist attacks," said IAG chief executive Willie Walsh. | "March revenue was affected by the timing of Easter and the Brussels terrorist attacks," said IAG chief executive Willie Walsh. |
"Revenue trends in quarter two have been affected by the aftermath of the Brussels terrorist attacks, as well as some softness in underlying premium demand. | "Revenue trends in quarter two have been affected by the aftermath of the Brussels terrorist attacks, as well as some softness in underlying premium demand. |
"As a result, IAG has moderated its short-term capacity growth plans." | "As a result, IAG has moderated its short-term capacity growth plans." |
Operating profits at IAG - which also owns Aer Lingus and Vueling - were €155m before exceptional items, compared with €25m in 2015. | Operating profits at IAG - which also owns Aer Lingus and Vueling - were €155m before exceptional items, compared with €25m in 2015. |
IAG said it expected fuel costs to fall by about 1% this year due to weak oil prices. | |
Profits were boosted by the purchase of Irish flag carrier Aer Lingus which was completed last September. | |
IAG has fared better than some of its European rivals - Lufthansa and Air France-KLM - which have been hit by strikes over cost-cutting plans, as well as increased competition from Middle Eastern and budget airlines. |