1st Quarter Results

About this update from International Consolidated Airlines Group Sa

[{"type":"text","content":"\n \n \n \n RNS Number : 5858K\n International Cons Airlines Group\n 06 May 2022\n  \n \n \n \n \n THREE\n \n  \n \n MONTHS RESULTS ANNOUNCEMENT\n \n \n \n  \n \n \n International Consolidated Airlines Group (IAG) today (May 6, 2022) presented Group consolidated results for the three months to March 31, 2022.\n \n \n  \n \n \n Strong customer demand is expected to drive profitability from quarter 2 onwards\n \n \n  \n \n \n · \n Passenger capacity in quarter 1 was 65% of 2019 capacity, up from 58% in quarter 4, 2021, as the Group's airlines continued to restore capacity in advance of the Summer flying programme\n \n \n · \n The continued easing of government-imposed travel restrictions, particularly in the UK, resulted in improved travel demand, with no noticeable impact from the war in Ukraine\n \n \n · \n Quarter 1 saw strong business travel recovery, with premium leisure remaining strong\n \n \n · \n The impact of Omicron had a negative short-term impact in January and February on the operating result, passenger bookings and cancellations\n \n \n · \n Following the recent lifting of travel restrictions and the steep ramp up in capacity, British Airways is focusing on improving operations and customer experience, including moderating planned capacity at Heathrow\n \n \n · \n Current passenger capacity plans for remainder of 2022 are for around 80% of 2019 capacity in quarter 2, 85% in quarter 3 and 90% in quarter 4, resulting in full-year capacity of around 80% of 2019, with North Atlantic close to full capacity by quarter 3\n \n \n  \n \n \n IAG results for the period:\n \n \n  \n \n \n · \n Operating loss for the first quarter €731 million (2021 restated1: operating loss €1,077 million), and operating loss before exceptional items €754 million (2021 restated1: operating loss before exceptional items €1,144 million)\n \n \n · \n Loss after tax and exceptional items for the first quarter €787 million (2021 restated1: loss €1,074 million) and loss after tax before exceptional items €810 million (2021 restated1: loss €1,131 million)\n \n \n · \n Cash was €8,184 million at March 31, 2022, up €241 million on December 31, 2021, with significantly positive working capital, driven by bookings for the remainder of the year\n \n \n · \n Cash was impacted by the timing of aircraft financing versus deli...

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