LONDON (Reuters) -IAG, owner of British Airways and Iberia, reported third-quarter adjusted operating profit of 1.21 billion euros ($1.21 billion) after revenue returned to pre-pandemic levels despite much of its Asian network remaining closed due to COVID restrictions.
The airlines group said on Friday it expected its adjusted operating profit for the year to be about 1.1 billion euros, including the 467 million-euro loss it made in the first half.
Revenue of 7.33 billion euros for the quarter was 0.9% higher than in 2019, even though passenger capacity was 81.1% of pre-pandemic levels.
IAG said premium leisure revenue had fully recovered by the end of the summer period, while the business channel was around 75% of 2019’s level.
Chief Executive Luis Gallego said all of the group’s airlines were significantly profitable in the quarter and it was continuing to see strong passenger demand, while capacity and load factors recover.
“While demand remains strong, we are conscious of the uncertainties in the economic outlook and the ongoing pressures on households,” he said.
($1 = 1.0028 euros)
(Reporting by Paul SandleEditing by William Schomberg)
