International Airlines Group (IAG), the group to which the British Airways, Iberia, Vueling or Aer Lingus airlines belong, suffered losses of 787 million euros in the first quarter of this year, 26.7% less compared to the numbers red of 1,074 million registered in the same period of the previous year. This improvement is a consequence of the more pronounced recovery of air traffic with the progressive lifting of travel and border restrictions in most countries and the lesser impact of the omicron variant of the coronavirus, as reported by the group this Friday to the National Commission of the Stock Market (CNMV).
Total revenue multiplied by 3.5 to 3,435 million euros (968 million in the first quarter of 2021). Among them, passenger revenues, which multiplied almost sixfold to 2,655, while cargo revenues increased by 23.4% to 432 million. As vaccination progressed and restrictions were eased, the group increased its activity, so that passenger transport capacity in the fourth quarter was 65.1% compared to the same period in 2019.
The result of operations, before extraordinary items and taxes, showed losses of 731 million euros, with a reduction of 32.1% compared to 2021. Net debt remained practically stable compared to the end of 2021, up to 11,593 million (-0.6%). In the first quarter, the group increased total operating expenses by 98.8% compared to the same period of the previous year, leaving them at 4,189 million euros.
Forecasts for 2022
The CEO of IAG, Luis Gallego, has assured that demand is recovering strongly, in line with forecasts, and they expect to recover profitability from the second quarter of this year, with the premium vacation segment as the best chapter.
IAG hopes to reach 80% of the capacity of 2019 in the second quarter of this year and 85% in the third, although in the North Atlantic routes the forecast is to recover practically 100% of the capacity in the third quarter.
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For all these reasons, IAG expects its operating results to be positive from the second quarter, leading both operating profit and net cash flows from operating activities to be positive in the year.
