British Airways owner IAG has announced first quarter losses of €150 million down from €278 million for the same period last year.
The improved performance was helped by its Spanish airline Iberia which saw its losses halved from €202 million for the first quarter of 2013 to €111 million.
British Airways made an operating loss of €5 million in the quarter, compared to a €72 million operating loss in 2013.
The results showed that passenger numbers across IAG increased by 38% to 6.4 million in April, up from 4.6 million in the same period last year.
“We’re pleased that our quarterly operating loss has reduced significantly from €278 million last year to €150million, especially as Vueling’s quarterly losses were not included last year as they weren’t in the Group,” said IAG chief executive Willie Walsh.
“[Iberia] continues to benefit from restructuring and these figures don’t reflect the impact of recent pay and productivity agreements which took effect in April.”
IAG said it expects to improve operating profit for the 2014 full year by at least €500 million, from a 2013 base of €770 million.