International Consolidated Airlines Group (IAG.L,BAIRY.PK,BAY.L) reported that its first-half operating loss before exceptional items narrowed to 467 million euros from a loss of 2.18 billion euros, prior year. Adjusted loss per share in euro cents was 13.8 compared to a loss of 43.7.
First-half loss before tax was 843 million euros compared to a loss of 2.3 billion euros, previous year. Loss per share in euro cents was 13.2 compared to a loss of 41.2.
First-half total revenue before exceptional items increased to 9.35 billion euros from 2.21 billion euros, last year. Passenger revenue before exceptional items increased to 7.60 billion euros from 1.14 billion euros.
IAG returned to profit in the second quarter following strong recovery in demand across all airlines. Operating profit before exceptional items was 287 million euros, for the second quarter. Second quarter passenger capacity was 78% of 2019.
IAG expects pre-exceptional operating profit to be significantly improved for third quarter compared to second quarter and to be positive for full year 2022. Net cash flow from operating activities is expected to be significantly positive for the year. Net debt is expected to increase by year end compared with the end of 2021.
IAG’s overall passenger capacity plans for the remainder of 2022 are approximately 80% in third quarter and approximately 85% in fourth quarter, a reduction of 5% for the second half of the year compared to previous guidance, mainly due to the challenges at Heathrow. The Group’s full-year capacity is expected to be approximately 78% of 2019, revised from prior guidance of approximately 80%.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Source: Read Full Article