Fuel expenses surged by over 30 percent during the July-September quarter, severely undercutting revenue gains from resilient ticket pricing. The group had to navigate lower overall capacity alongside flight cancellations linked directly to turmoil in the Middle East. Performance was further suppressed by widespread air traffic control delays and aircraft availability constraints caused by engine maintenance issues.
Key points
Regional conflict in the Middle East caused direct flight cancellations and disrupted sch…: Regional conflict in the Middle East caused direct flight cancellations and disrupted scheduled airline operations.
Strong ticket pricing during the quarter was insufficient to counter higher jet fuel expe…: Strong ticket pricing during the quarter was insufficient to counter higher jet fuel expenses and lower capacity.
International Airlines Group experienced a net profit drop exceeding 12 percent due to ov…: International Airlines Group experienced a net profit drop exceeding 12 percent due to overlapping operational hurdles.
Sources checked by our analysis pipeline: 1
International Airlines Group (IAG), the owner of British Airways and Iberia, has reported a more than 12 percent fall in third-quarter net profit, citing soaring fuel costs and flight disruptions linked to the conflict in the Middle East.
Profit after tax fell to 1.23 billion euros ($1.37 billion) in the July-September period, compared with 1.4 billion euros a year earlier, the group said. IAG reported that its fuel costs rose more than 30 percent during the quarter.
“Strong pricing was offset by lower capacity, the impact of one-off disruption events and in particular by higher jet fuel prices,” the company said.
It also cited cancellations linked to the Middle East conflict, aircraft availability issues involving engines and air traffic control disruptions.
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