London: IAG, the owner of British Airways and Spanish carrier Iberia, announced on Friday that its net profit decreased in the third quarter. This decline was attributed to a weakened US market and increased competition within Europe.
According to Bangladesh Sangbad Sangstha, IAG reported a 2.3 percent drop in profit after tax, totaling 1.4 billion euros ($1.6 billion), when compared to the same period last year. The group highlighted in a statement that despite the decline, the performance was still strong, following a record third quarter in 2024.
The group noted a specific softness in the North Atlantic market as anticipated, alongside lower unit prices across its airlines in Europe. Despite these challenges, total revenue remained steady at 9.3 billion euros.
IAG’s Chief Executive, Luis Gallego, expressed confidence in the company’s trajectory, stating that IAG is still on course to achieve growth in revenues, profit, and shareholder returns for the year.