LONDON, May 5 (Reuters) – IAG, owner of British Airways (ICAG.L) It raised its 2023 earnings forecasts on strong demand for summer travel and after its first-quarter performance beat expectations, helped by lower fuel prices.
The group said it now expected annual profits to break the upper end of a range of 1.8 billion euros ($1.99 billion) to 2.3 billion euros given in February, a level that at the high end represents a jump of up to 90%. . on last year’s result.
It called the outlook for the summer “encouraging” and said capacity in its key North Atlantic and Latin American markets was now back to pre-pandemic levels, with demand from leisure travelers driving bookings.
During the three months to the end of March, which is often loss-making because fewer people travel, IAG posted an operating profit before exceptional items of €9 million, well above the €179 million loss expected by analysts.
($1 = 0.9058 euros)
Reporting by Sarah Young. Edited by Andrew MacAskill
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