Last week International Consolidated Airlines Group (IAG) impressed the market with impressive first quarter results and traffic statistics For the first three months of the year, IAG’s operating profit was €170 million before exceptional items compared to €155 million in the year-ago period. IAG reported an adverse net foreign exchange operating profit impact for the quarter of €32 million. Passenger unit revenue for the quarter down 7.2 per cent, down 3.1 per cent at constant currency. Non-fuel unit costs before exceptional items for the quarter down 3.9 per cent, up 1.4 per cent at constant currency. Fuel unit costs before

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