IAG net profit falls 74% in Q1; operating profit up 9.7%
IAG posted a Q1 net profit of E27m (US$29.6m), down 74% from net profit of E104m in Q1 2016. The company said adverse currency movements played a significant part in the profit drop. Revenue for the quarter was E4.9b, down 2.8% from the year-ago figure of E5.08b. However IAG said it had recorded its highest-ever operating profit for the traditionally weak first quarter of the year, at E170m before exceptional items, up 9.7% compared to E155m last time. IAG said Q1 2017 had seen a backdrop of increasing fuel prices and a stronger US dollar against both the euro and the UK pound. This gave an adverse foreign exchange figure of E32m. The “improving trend” in passenger unit revenue was continuing, IAG CE Willie Walsh said, with Q2 passenger unit revenue anticipated to be up on the year-ago figure. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-05-08/oneworld/iag-net-profit-falls-74-in-q1-operating-profit-up-9-7
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IAG net profit falls 74% in Q1; operating profit up 9.7%
IAG posted a Q1 net profit of E27m (US$29.6m), down 74% from net profit of E104m in Q1 2016. The company said adverse currency movements played a significant part in the profit drop. Revenue for the quarter was E4.9b, down 2.8% from the year-ago figure of E5.08b. However IAG said it had recorded its highest-ever operating profit for the traditionally weak first quarter of the year, at E170m before exceptional items, up 9.7% compared to E155m last time. IAG said Q1 2017 had seen a backdrop of increasing fuel prices and a stronger US dollar against both the euro and the UK pound. This gave an adverse foreign exchange figure of E32m. The “improving trend” in passenger unit revenue was continuing, IAG CE Willie Walsh said, with Q2 passenger unit revenue anticipated to be up on the year-ago figure. <br/>
