International Airlines Group presented Group results for the nine months ended September 30, 2011. Revenue for the nine months to September 30, 2011 rose by 11.6% to €12,263m (2010: €10,986m). Passenger revenue was up 12.3% on capacity growth of 7.7% and improved unit passenger revenues (€cents/ASK) of 4.1%. At constant exchange rates total revenue was up 14.1% €1,552m with passenger revenue up 14.9% and unit passenger revenues up 6.7%.
Operating costs for the nine months were up 9.7% to €11,812m, before exceptional items, and up 13.0% at constant currency, reflecting increased capacity of 7.7% and significant fuel price increases, net of hedging. Fuel costs for the nine months were up 28.5%/to €3,751m, before exceptional items, reflecting mainly price increases and additional volume, partly offset by hedging benefits.
IAG operating profit for the nine months was €451m, before exceptional items (€383m after exceptional items), compared to a profit of €219m for the 9 months of 2010. The consolidated results including Iberia from the acquisition date of January 21, 2011, show an operating profit of €420m after exceptional items. The profit before tax for the nine months was €355m, after exceptional items, an improvement of €292m on the previous year (2010: €63m). Group net debt was down €293 million to €602 million (December 2010: €895 million).