London, May 5, (dpa/GNA) – Anglo-Spanish airline holding company International Consolidated Airlines Group SA (IAG) narrowed its pre-tax loss in the first quarter of 2023 compared to the same period of last year.
IAG reported on Friday that its first quarter loss before tax narrowed to €121 million ($133.5 million) from €916 million in the prior year.
The airline said customer demand currently remains strong in all IAG’s airlines and in all regions, particularly for leisure customers.
The company expects capacity to be around 97% of 2019 levels for the full year, as it focuses on its core markets.
The company said it is seeing healthy forward bookings with leisure demand particularly strong while business travel continues to recover more slowly.
The company currently expects its full year 2023 operating profit before exceptional items to be higher than the top end of its previous guidance of €1.8 billion to €2.3 billion.
IAG reported that its loss after tax for the first quarter narrowed to €87 million from €787 million in the previous year.
IAG said it has delivered a strong first quarter financial performance, as the group’s airlines recovered capacity to close to pre-pandemic levels.
Iberia contributed a record first quarter profit and all of its airlines performed above expectations, benefiting from robust demand and a lower fuel price in the quarter.
Total revenue for the first quarter grew to €5.89 billion from €3.44 billion in the prior year.
GNA