International Airline Group reports operating loss
International Consolidated Airlines Group (IAG) has presented Group consolidated results for the three months to March 31, 2019. The Group reported first quarter operating profit of €135 million before exceptional items (2018 pro forma €340 million). Passenger unit revenue for the quarter was 0.8%, down 1.4% at constant currency. Fuel unit costs for the quarter was up 15.8%, up 11.1% at constant currency.
Net foreign exchange operating profit impact for the quarter adverse was €61 million while cash of €7,481 million at March 31, 2019 was up €1,207 million on December 31, 2018 and net debt to EBITDA improved by 0.2 to 1.0 times. Profit after tax before exceptional items was €70 million down 62.6% and adjusted earnings per share down 57.5% on a pro forma basis