International Airlines Group reports a surge in earnings – London Business News | Londonlovesbusiness.com

The owner of British Airways and Aer Lingus have said that in recent months earnings have risen and in the three months to end of September International Airlines Group (IAG) reported operating profit of €2 billion up 15.4% compared to €1.7 billion the previous year.

The two airlines said this was due to the “the effectiveness of our strategy and group-wide transformation.”

Total revenues rose to €9.3 billion up 7.9% from € billion in 2023, IAG said that fuel costs were lower by 4.2% than last year amid lower average prices and deliveries of efficient aircraft.

Chief executive Luis Gallego said, “We achieved a very strong financial performance in Q3 2024, with a 15.4% increase in operating profit compared to the same period last year and improving our margin to 21.6%.

“This is due to the effectiveness of our strategy and group-wide transformation.

“We are also delivering on our commitment to provide sustainable returns for shareholders.

“Demand remains strong across our airlines and we expect a good final quarter of 2024 financially.”