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Airline group IAG narrows losses as Iberia improves | Airline group IAG narrows losses as Iberia improves |
(35 minutes later) | |
British Airways owner IAG has narrowed its losses for the first quarter of the year, helped by an improved performance from its Spanish airline Iberia. | British Airways owner IAG has narrowed its losses for the first quarter of the year, helped by an improved performance from its Spanish airline Iberia. |
Its operating loss fell to 150m euros ($207m; £123m), compared with a 589m euro loss a year ago. | Its operating loss fell to 150m euros ($207m; £123m), compared with a 589m euro loss a year ago. |
IAG chief executive Willie Walsh said that losses at Iberia had almost halved in the quarter. | IAG chief executive Willie Walsh said that losses at Iberia had almost halved in the quarter. |
Passenger numbers across IAG increased by 38% to 6.4 million in April, up from 4.6 million in the same period last year. | Passenger numbers across IAG increased by 38% to 6.4 million in April, up from 4.6 million in the same period last year. |
Many airlines report a loss in the weaker first part of the year and make the bulk of profits in the summer. | Many airlines report a loss in the weaker first part of the year and make the bulk of profits in the summer. |
Iberia "continues to benefit from restructuring", and British Airways has "increased capacity within a controlled cost environment", Mr Walsh said. | |
Iberia restructuring costs hit the airline group with a 311m euro charge in the first quarter last year. | Iberia restructuring costs hit the airline group with a 311m euro charge in the first quarter last year. |
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