IAG revenue up by over 70% as Iberia records best-ever Q1

International Airlines Group (IAG) reported a first first-quarter operating profit since 2019 with €9 million recorded in Q1 2023. The outcome, which was up €750 million year-on-year, was better than expected, the group announced, and came about due to “strong customer demand” as well as a “strong yield performance” and falling fuel costs. However the group, which includes Iberia and British Airways, reported a loss after tax of €87 million even as revenue climbed 71.4% year-on-year to almost €5.9bn. At the end of the quarter the group reported cash and cash equivalents of €11.3bn but net debt of $8.3bn, with