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IAG Airlines post first quarter financial losses

Fri 6th May 2011

The recently formed International Consolidated Airlines Group S.A. (IAG), a merger of British Airways and Spain's Iberia, posted financial losses for their first ever quarter earlier today, but remain confident of seeing a profit for 2011 overall.

IAG Chief Executive Willie Walsh commented, "Revenue is up due to increased volumes, particularly in the premium cabins, and improved yields which also showed good premium growth," but he also spoke of the challenge that the industry faced in overcoming rising fuel costs.

The airline estimated how the effects of the earthquake in Japan and political unrest in North Africa and the Middle East could potentially hit profits by as much as 100 million Euros.

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