The owner of British Airways has seen its revenues recover to pre-pandemic levels and revealed it returned to profit in the third quarter.
International Consolidated Airlines Group (IAG) reported operating profits of €1.2 billion (£1 billion) in the three months to September 30, after it swung to a loss of €452 million (£390 million) last year.
It also saw its revenues overtake pre-pandemic levels by 0.9%, totalling €7.3 billion (£6.3 billion), despite the recent disruption at London's Heathrow airport and its network in Asia Pacific largely staying closed.
The group said that average jet fuel prices almost doubled this year compared to last.
Luis Gallego, IAG's chief executive, said: "All our airlines were significantly profitable and we are continuing to see strong passenger demand while capacity and load factors recover.
"Leisure demand is particularly healthy and leisure revenue has recovered to pre-pandemic levels. Business travel continues to recover steadily.
"While demand remains strong, we are conscious of the uncertainties in the economic outlook and the ongoing pressures on households.
"Against this backdrop, we are focused on adapting our operations to meet demand, strengthening our balance sheet by rebuilding our profitability and cashflows, and capitalising on our high level of liquidity."
Lockdown rebound for Tennent's
VOLUME sales of Tennent’s rebounded during the six months to the end of August as Scotland’s leading beer brand benefitted from the full reopening of bars and restaurants from last year’s lockdown restrictions.
Glasgow-based Tennent’s, which is owned by Ireland’s C&C Group, recorded an 8.8 per cent increase compared to the same period a year earlier as on-trade sales soared by 53%.
New PM must act to save hospitality sector
THIS week the revolving door of No 10 was again spinning at full pelt, with the ridiculed and incompetent Liz Truss exiting, her place taken by Rishi Sunak, the youngest Prime Minister in 200 years and the first Asian to become leader of the country.
Despite having recently been rejected by party members he becomes the UK’s third Tory PM in less than two months and the fifth to have been foisted on the British public in the past six years – the fastest turnover of leaders for nearly a century.
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