31st Oct 2014 07:20
LONDON (Alliance News) - International Consolidated Airlines Group on Friday posted a rise in third quarter operating profit and revenue on a constant currency basis, with both British Airways and Iberia both performing well in the quarter.
Operating profit for the group in the third quarter to September 30 was EUR900 million, up on the EUR690 million a year earlier. British Airways made an operating profit of EUR607 million, up from EUR477 million a year earlier. Iberia's operating profit rose to EUR162 million from EUR74 million.
On a constant currency basis, revenue for the group rose 6.9%, but it was up 8.5% on a reported basis to EUR5.9 billion. Passenger unit revenue for the group was down 0.9% on a constant currency basis, with fuel units costs falling 7.5%.
Operating profit for the first nine months of the year hit EUR1.1 billion, EUR473 million ahead of the year earlier, though the group said it has taken a EUR82 million charge on currency re-evaluation.
"We continued to grow capacity efficiently and both our non-fuel and fuel unit cost performances were strong with the latter boosted by the introduction of new, more efficient aircraft into our fleet," said IAG Chief Executive Officer Willie Walsh.
By Sam Unsted; [email protected]; @SamUAtAlliance
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