IAG reports another strong quarter with operating profit up 20.7%

International Consolidated Airlines Group (IAG) presented Group consolidated results for the nine months to September 30, 2017. The Group posted third quarter operating profit of €1,455m before exceptional items (2016: €1,205m). Passenger unit revenue for the quarter was up 0.7%, up 2.2% at constant currency. Operating profit before exceptional items for the period of nine months to September 30, 2017 was €2,430m (2016: €1,915m), up 26.9%. Cash of €7,523m at September 30, 2017 was up €1,095m on 2016 year end. Adjusted net debt to EBITDAR improved by 0.4 to 1.4 times. Willie Walsh, IAG Chief Executive Officer, said: We’re reporting another strong quarter with an operating profit up 20.7% to €1,455 million before exceptional items. “All our companies performed well. Passenger unit revenue was up 2.2 per cent at constant currency boosted by improvements in the Spanish and Latin American markets. Our commercial performance was good despite underlying disruption from severe weather and terrorism. IAG Cargo improved in the quarter due to stronger Asia Pacific demand compared to last year.”