IAG Warns on Profit and Capacity as Fuel Prices Soar
- International Airlines Group, the parent company of British Airways, warned profits will be lower this year as it expects to spend about two billion euro more than planned on fuel amid the Iran oil crisis.
- Iran maintains a stranglehold on tankers passing through the Strait of Hormuz, leading to a surge in oil prices and concerns over jet fuel shortages affecting global aviation operations.
- Global aviation analytics company Cirium reported 13,005 flights planned for May were cancelled between April 10 and April 21, equivalent to 1.5%, while the company recorded a pre-tax profit of 422 million euro during the first quarter, a 76.6% increase.
- Luis Gallego, chief executive of International Airlines Group, said the firm is "managing the uncertainty" by "taking the necessary action on yields, costs and capacity" to mitigate fuel price pressures.
- Gallego stated the firm is "not currently seeing any jet fuel supply disruptions across our main hubs or markets" and remains "confident in fuel availability through the summer," underpinning business confidence despite headwinds.
26 Articles
26 Articles
British Airways warns all airlines will have to increase fares as a result of Iran war
The British Airways boss has warned all airlines will have to increase fares to combat rising fuel costs as a result of the Iran war.Luis Gallego, chief executive of the airline, said the business is "managing the uncertainty" caused by increased fuel prices.He said British Airways would take "necessary action on yields, costs and capacity", but admitted all airlines will "need to increase fares" to "mitigate the impact" of rising jet fuel price…
The crisis unleashed in the aviation sector by the closure of the Strait of Ormuz since February 28 will have a limited impact on International Airlines Group...
The holding company of IAG airlines, owner of Iberia, Vueling or British Airways, fired 77.3% of its operating profit in the first quarter compared to the same period of the previous year, up to 351 million euros, as it has published this Friday through the National Securities Market Commission (CNMV). For its part, the profit after taxes was 301 million euros until March, 71% more in annual terms. The group has been able to dodge the conflict i…
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