International Airlines Group (IAG), formed by the merger of British Airways and Iberia, said first quarter losses more than doubled as higher fuel costs and weakness in Spain undermined strength in premium long-haul travel out of London.
“The Spanish and wider euro zone macro-economic background deteriorated in Q1, and this is reflected in a worsening commercial performance from our Madrid hub,” IAG said in a statement.
The company reported an operating loss of €249 million before exceptional items in the traditionally weak first quarter of the year, up from a €102 million loss a year ago.
Revenue for the quarter rose 7.8 per cent compared to last year, to €3.9 billion.
Chief executive Willie Walsh said strong demand for premium long-haul flights out of London showed no sign of abating.
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