Oct 31, 2019
Profits at IAG hit by British Airways pilots’ strikes
International Airlines Group, the parent company of British Airways, has blamed industrial action and rising fuel costs for a drop in profits, in results that come on the heels of the first pilots' strike in the airline's history. In the three months to the end of September, IAG posted a 7 per cent fall in operating profit to €1.43bn after industrial action at BA last month spiralled into one of the most serious disputes it has faced. IAG - which also owns Ireland's Aer Lingus and Spain's Iberia, alongside low-cost carriers Vueling and Level - reiterated guidance that it expected full-year profits to be €215m lower in 2019 in the wake of the industrial action - a 6 per cent fall compared with 2018. Passenger revenue per available seat kilometre, a standard industry unit, rose 0.6 per cent, while passenger unit revenue dropped 1.1 per cent. IAG is one of several airlines to have submitted bids for some of Thomas Cook's Gatwick take-off and landing slots to KPMG, which is overseeing the sale process.
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