BA Owner IAG Stems First Quarter Loss

The owner of British Airways and Iberia said it has reduced first quarter losses through improved performance and cost-cutting.

International Airlines Group (IAG) said losses before exceptional items stood at €150m (£123m) in the three months to the end of March.

This compared to a loss after tax of €278m (£227m) in the first quarter of 2013.

Meanwhile, it saw revenue grow 6.7% to €4.2bn (£3.45bn) compared to the same period last year.

"Iberia has almost halved its losses from quarter one last year," IAG chief executive Willie Walsh said in a statement.

"The airline continues to benefit from restructuring and these figures don't reflect the impact of recent pay and productivity agreements which took effect in April," he added.

BA made an operating loss of €5m (£4m) in the first quarter compared to a €72m (£60m) loss a year ago.

"The airline has increased capacity within a controlled cost environment and benefited from the efficiency of its new Airbus A380 and Boeing 787 aircraft," the statement said of BA.

IAG also revealed a €30m (£24.5m) operating loss at its Veuling airline - the Spanish budget carrier it acquired last year.

IAG said that it expects to improve operating profit for the 2014 full year by at least €500m (£410m).

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