IAG posts first quarter operating loss of €249m

International Airlines Group (IAG) reported a consolidated first quarter operating loss of €249m before exceptional items (2011: €102m loss), loss before tax for the quarter was €263m (2011: €47m loss). The Group repored a net loss of €146m for the quarter. Revenue was up 7.8% to €3,919m (2011: €3,636m), including €40m or 1.1% of favourable currency impact. Cash of €3,574m at quarter end was down €161m and the Group net debt was down €19m to €1,129m.