LONDON: International Airlines Group on Friday said it had significantly reduced group losses in the first quarter thanks to cost cutting at Spanish carrier Iberia and improved performance by British Airways.
IAG's net loss stood at 184 million euros ($254 million) in the three months to March 31 compared with a loss after tax of 630 million euros in the first quarter of 2013, the company said in a statement.
Revenues grew 6.7 percent to 4.2 billion euros.
"Iberia has almost halved its losses from quarter one last year," IAG chief executive Willie Walsh said in the statement.
"The airline continues to benefit from restructuring and these figures don't reflect the impact of recent pay and productivity agreements which took effect in April," he added.
British Airways meanwhile made an operating loss of five million euros in the first quarter but down heavily compared with one year earlier.
"The airline has increased capacity within a controlled cost environment and benefited from the efficiency of its new Airbus A380 and Boeing 787 aircraft," the statement said of BA.
For the first quarter, IAG posted also a 30 million euros operating loss at Veuling -- the Spanish budget carrier it acquired last year.
IAG meanwhile said that it expects to improve operating profit for the 2014 full year by at least 500 million euros. (AFP)