Iberia obtained a record profit of 66 million euros between January and March. This is the best result during the first quarter of the company's history. In this way, the Spanish airline boosted IAG's results at a time of almost total recovery of pre-pandemic traffic.
The company still chaired by Javier Sánchez-Prieto recorded the best performance of the airline group, also made up of British Airways, Level, Vueling and Aer Lingus. The holding reduced losses by 89% during the aforementioned first quarter. In this way, IAG went from 718 million lost at the beginning of 2022 to 87 million in 2023. The operating profit was 9 million.
The airline group earned 5,889 million between January and March, 71.4% more than a year earlier, and expects to complete a second quarter with even better results. In fact, IAG's outlook for this summer is encouraging, with close to 80% of expected second quarter revenue already booked. The forecast is that the profit from operations before exceptional items will be more than 2.3 billion this 2023.
The CEO of IAG, the Spaniard Luis Gallego, assured yesterday at the presentation of quarterly results that air capacity is already approaching pre-covid levels. "All our airlines exceeded forecasts and benefited from solid demand and cheaper fuel prices," he added. IAG also saw an increase in business travel. Demand was "especially strong in Spain, the US and Latin America".
"As our operations return to normal, we continue to invest in sustainability, with aircraft that are more efficient in fuel consumption, in the customer experience and in updating the business class cabins on British Airways and Iberia", explained Gallego .
Yesterday was a presentation of results with a taste of farewell. Hours earlier, IAG had announced the voluntary departure of the president and CEO of Iberia, Javier Sánchez-Prieto. The director assured that the next professional destination is a company outside the aviation sector. "I needed a change of scenery, I felt it was time to change industries", assured the executive after more than 12 years in the group.
Regarding the time of the departure, the still president stated that "he would not have taken this decision with the company under adverse circumstances". Sánchez-Prieto's commitment to Iberia will end in July, at which time Fernando Candela, current chief executive of Level, will assume his duties on a temporary basis.
The CEO of IAG said that the group is now opening an election process in which "internal and external candidates" will be evaluated for the presidency of Iberia. "I don't think we can find anyone on the market better than the one we have at home," Gallego said. The company admitted yesterday that it is talking to the competition authorities, from Brussels and national, to close the purchase of Air Europa. The deadline is 18 months from the agreement with the Hidalgo family, which was in February.
