British Airways owner IAG has reported a 1st quarter profit for the first time the credit goes to lower fuel costs and improved performance across all three airlines.
IAG CEO Willie Walsh praised the group’s “strong improvement” in what is traditionally the weakest quarter of the year for airlines.
The company posted an operating profit of €25 million for the three-months ending March 31, compared with a loss of €150 million for the same period in 2014.
British Airways made a profit €117 million compared to a loss of €5 million last year. Iberia made a loss of €55 million, down from €111 million in 2014 and Spanish carrier Vueling’s loss was €29 million compared with a loss of €30 million in the previous year.
The financial results also showed revenues increase 12 % to €4.7 billion. IAG has also said that - at current fuel prices and exchange rates - it expects to report operating profits "in excess" of €2.2 billion this year.