International Airlines Share News (IAG)

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Share Price: 163.50

Bid: 163.70

Ask: 163.80

Change: -3.55 (-2.13%)

Spread: 0.10 (0.061%)

Open: 167.15

High: 167.15

Low: 162.85

Prev. Close: 167.05

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IAG flies higher in first half

Fri, 29th Jul 2016 07:16

(ShareCast News) - British Airways owner International Consolidated Airlines Group presented its results for the six months to 30 June on Friday, with second quarter operating profit reaching €555m before exceptional items, up from €530m last year.Excluding Aer Lingus, which IAG holds a 98.05% stake in, operating profit in the second quarter was €487mThe FTSE 100 firm said the net foreign exchange operating profit impact for the quarter was an adverse €148m.Passenger unit revenue for the quarter dropped 10.2%, or 6.2 % at constant currency and 6.5% excluding Aer Lingus.Non-fuel unit costs before exceptional items for the quarter reduced 1.1%, although at constant currency it rose 0.8%, or 1.3% excluding Aer Lingus.Fuel unit costs before exceptional items for the quarter were down 31.2%, or 29.3% at constant currency.Operating profit before exceptional items for the half year was €710m, up 27.9% from €555 million, and excluding Aer Lingus it was €668m.IAG had cash of €6.561bn at on 30 June, an increase of €705m on 2015 year end.The company's adjusted gearing went down one point to 53%, and adjusted net debt to EBITDAR improved 0.2 to 1.7x"We're reporting another strong performance in quarter 2 with an operating profit of €555m before exceptional items which is up from €530m compared to last year," said IAG chief executive Willie Walsh."Our performance this quarter saw a negative currency impact of €148m, primarily due to the weak pound."Numerous external factors affected our airlines including the impact of terrorism, uncertainty around the UK's EU referendum and Spain's political situation and increased weakness in Latin American economies," Walsh added.He said this led to a softer than expected trading environment, especially in June."In addition, the airlines' operations have been considerably disrupted by 22 air traffic control strikes in Europe so far this year."This has impacted our passenger revenues," Walsh added.He pointed out that non-fuel unit costs fell 1.1% but are up 0.8% at constant currency, following the significant cost reductions achieved last year."In spite of the vast majority of our planned capital expenditure this year occurring in the first half, cash was €705m higher than at the end of 2015," he added.

More News

2 Jun 2023 05:55

IAG's British Airways fined USD1.1 million in US over Covid refunds

(Alliance News) - International Consolidated Airlines Group SA's British Airways has been fined almost GBP1 million by the US government over claims it failed to pay refunds for cancelled flights.

26 May 2023 07:57

LONDON BRIEFING: UK retail sales up; Hunt "comfortable" with recession

(Alliance News) - Stocks in London are expected to kick off the final trading day of a fraught week with a minor gain, though US debt ceiling uncertainty continues to temper sentiment.

26 May 2023 07:00

Soaring airline customer complaints push global legislators to act

LONDON/MONTREAL, May 26 (Reuters) - Nikoleta Dodova is among a growing number of dissatisfied airline customers. Having bought her mother and niece airline tickets from Sweden to Macedonia last year, their flight was cancelled and they ended up at an airport over two hours away. She is still waiting for compensation.

26 May 2023 06:01

IT issue causes mass cancellation of British Airways Heathrow flights

(Alliance News) - International Consolidated Airlines PLC's British Airways has apologised after an IT issue caused the cancellations of domestic and European flights on Thursday, as Britain heads into the Bank Holiday weekend.

19 May 2023 09:34

Dublin Airport to lower charges for more fuel-efficient airlines

DUBLIN, May 19 (Reuters) - Dublin Airport plans to cut runway charges by 25% for airlines that operate planes with lower emissions, the Dublin Airport Authority (DAA) said on Friday.

18 May 2023 08:10

UK's easyJet confident as summer demand ramps up

Sees Q3 revenue per seat up 20% on last year

11 May 2023 09:45

LONDON BROKER RATINGS: Asos targets cut; Jefferies ups Diploma to buy

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

10 May 2023 11:20

UK's Virgin Atlantic says bumper bookings eclipsed by rising costs

2022 revenue 2.9 bln stg, 98% of 2019 levels

9 May 2023 17:27

UK stocks slide ahead of U.S. inflation data, BoE meet

IAG closes at over a two-month high

9 May 2023 13:45

Liberum reiterates 'buy' on IAG, lifts price target

(Sharecast News) - Liberum reiterated its 'buy' recommendation on BA and Iberia owner IAG on Tuesday, and lifted its price target to 350p from 240p as it said positive earnings momentum was set to continue.

9 May 2023 07:52

Broker tips: IAG, Intertek

5 May 2023 17:03

LONDON MARKET CLOSE: Surprise US jobs report lifts market mood

(Alliance News) - Stocks in London were higher at the close on Friday, ahead of a long bank holiday weekend, as the latest US jobs report made a recession across the Atlantic appear less likely.

5 May 2023 12:08

LONDON MARKET MIDDAY: Stocks pare weekly losses ahead of US nonfarms

(Alliance News) - Stock prices in London were higher at midday on Friday, a better end to a nervy week for equities, with investors digesting central bank decisions and an ongoing crisis in the US regional banking sector.

5 May 2023 09:42

European airlines see strong summer bookings, hope to avert chaos

IAG first-quarter results better than expected

5 May 2023 09:10

TOP NEWS: IAG loss narrows, revenue up as capacity recovers from Covid

(Alliance News) - International Consolidated Airlines Group SA on Friday reported its first quarter narrowed alongside strong revenue as Iberia delivered its "best ever" quarterly performance, while noting capacity recovering towards pre-pandemic levels.

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