The International Airlines Group, or IAG as it’s better known, has announced its third quarterly results, and they are far better than expected.
It’s been a tough year for the industry, with airline strikes, cabin crew demands for better working conditions and continuing recovery from the pandemic.
Weathering the storm
But the group that owns Iberia and British Airways, has weathered the storm and has posted an operating profit of 1.2 billion dollars.
They built on summer figures which showed the group eventually hit profit, following major losses in the previous two years.
As the airline industry looks to continue its upward trend, it bodes well for the upcoming festive holiday season of travel.
Chris Pomeroy, CEO of the International Tourism Group, told a European news agency that IAG had made the right moves in terms of dealing with the financial fallout of the COVID-19 pandemic.
As far as the business model is concerned, and if they are talking about profitability of airlines etc, they have adjusted the business model quite well, he said.
Tourism bouncing back
Often seen as a barometer for the health of major airlines, the IAG quarterly results show strong performance despite the recent cost-of-living crisis and inflationary pressures on travelers globally.
One of the key areas the group will look to improve is long-haul travel, which has made a much slower recovery than shorter trips, which have bounced back strongly.
Many customers seem happy to finally enjoy restriction-free travel.
For an industry that racked up enormous debts over the last couple of years, the skies look like they are finally clearing.
Tags: International Tourism Group, IAG, British Airways, Iberia
