International Airlines Group has reported profit after tax before exceptional items of €70 million for the first quarter of 2019.
The figure is down 62.6 per cent on the same period last year, while adjusted earnings per share were down 57.5 per cent on a pro forma basis.
Passenger unit revenue at the group – which owns British Airways, Iberia and Aer Lingus – for the quarter was down 0.8 per cent, or down 1.4 per cent at constant currency.
Fuel unit costs for the quarter were up 15.8 per cent, or up 11.1 per cent at constant currency.
Willie Walsh, IAG chief executive officer, said: “In a quarter when European airlines were significantly affected by fuel and foreign exchange headwinds, market capacity impacting yield and the timing of Easter, we remained profitable and are reporting an operating profit of €135 million.
“At constant currency, non-fuel unit costs were down 0.6 per cent while passenger unit revenue decreased by 1.4 per cent.”
Revenues rose 5.6 per cent to €5.3 billion in the first three months of the year after the airline saw passenger numbers rise 6.2 per cent to 24.2 million.