IAG report 31% drop in profits
05.11.11
BA parent IAG has reported a 31% slump in third quarter profits to £313m (€363m, down from €528m a year ago). Despite the fall, the group outperformed its peers and analyst expectations with the results, which also saw a 3.5% rise in passenger traffic and a 2.2% growth in revenues.
IAG CEO Willie Walsh said rising fuel prices are the biggest challenge for the airline industry in the short-term - IAG spent £1.2bn on fuel in the third quarter, up 25% on last year - but that he sees blue skies ahead. He said: ‘We are confident of a higher level of profitability in the fourth quarter of this year, even after the negative impact of the high fuel price. We expect to deliver a 2011 full-year operating profit of around double the year 2010 profits.'
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