IAG Reports Strong Q1 Earnings Driven by Passenger Demand, Offsetting Cargo Decline
International Airlines Group (IAG) has announced a powerful start to 2024, reporting a first-quarter operating profit of €68 million. This marks a significant increase from the €9 million profit recorded in the same period last year and represents the group's best Q1 result since 2019. The positive performance was largely driven by robust passenger demand, particularly in the leisure travel sector, with passenger revenue growing by over 11%. Conversely, the group faced challenges in its cargo division, which saw revenue decrease by 18.5% to €283 million. Overall, the strength in passenger traffic and a 7% increase in capacity successfully offset the continued weakness in the global air cargo market.
Official Source: https://www.stattimes.com/air-cargo/iag-records-powerful-q1-earnings-amid-cargo-headwinds-1359097
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