Some of the actions, such as employee furlough schemes,supported by national governments and trades unions, have only applied from April and consequently the costs saved in March were mainly those which are directly variable with capacity in the very short-term.Commodity prices for jet fuel have more than halved since the start of the year, leading to significant losses on fuel hedging derivatives, which would normally be offset against lower costs for purchasing jet fuel.
The industry will adapt to new requirements in the same way that it has adapted to developments in security requirements in the past.The results for the quarter were significantly impacted by the outbreak and escalation of COVID-19, particularly in March. The sudden drop in capacity in March led to an increase in unit employee costs at ccy of 11.4%. The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates.
In January and most of February the direct impact was mainly in the Asia and Pacific region, with suspension of services to China at the end of January and other capacity reductions in the Asia Pacific region. Whilst each of our airline operators possess their own distinctive proposition, character and story, IAG enables them to work together towards a common goal: to create value for customers and shareholders. Website users are responsible for checking content. Most of the loss in the quarter occurred in the last two weeks of March. Various furlough and salary reduction measures were put in place in response, although these schemes were applied mainly from the start of April.
IAG Q1 2020 Financial Results. IAG Cargo today announced its Q1 2020 results, reporting commercial revenues of €246m over the period from January 1 to March 31, 2020, a decrease of 11.6 per cent on the same period in 2019 at constant currency.
2019. 10.
Shares are down 18.2% since reporting last quarter.
Ownership costs on a unit basis and at ccy were up 19.9% on 2019, as the grounded aircraft continue to have depreciated charged.Overall airline non-fuel unit costs at ccy were up 10.2% versus a year ago, linked to the sudden capacity reduction.Passenger revenue fell 14.5% from the previous year.
Q1 2020 Results presentation: Brand IAG: Date issued Thursday, May 07, …
The results for the quarter were significantly impacted by the outbreak of COVID-19, which has had a devastating impact on the global airline and travel sectors, with the spread of the virus worldwide, resulting in lockdown and travel restrictions and advisories, particularly from late February 2020 onward.“In Q1 we’re reporting a substantial operating loss of €535 million before exceptional items compared to an operating profit of €135 million last year. We will adapt our operating procedures to ensure our customers and our people are properly protected in this new environment. The reduced capacity forecast has led to an exceptional charge of €1,325 million relating to over-hedging, being the losses on fuel hedging derivatives maturing in 2020 for which there will be no matching volume of fuel purchased, calculated using the forward fuel curve and exchange rates at March 31, 2020.Average commodity fuel prices for the quarter were slightly lower than in the first quarter of 2019, although prices fell sharply during March and spot prices at the end of the month are less than half of the price a year ago.
... 2019 Q1 Results. We are planning for a meaningful return to service in July 2020 at the earliest, depending on the easing of lockdown and travel restrictions around the world.
We are taking all appropriate actions to preserve cash, reduce and defer both capital spending and operating costs and secure additional financing in order to strengthen and maintain our liquidity. When large numbers of passenger flights were suspended, IAG Cargo took immediate steps to provide creative solutions for our customers.
Passenger unit revenue (passenger revenue per ASK) decreased 7.7% at The Group’s net non-operating costs for the quarter were €22 million in 2020, compared with €49 million in 2019, mainly due to minor gains on derivatives not qualifying for hedge accounting.The tax credit for the period (2019: charge) was €1 million before exceptional items, with an effective tax rate for the Group of 0% (Compared to 2019: 19%). The loans contain a number of non-financial covenants to protect the position of the banks involved, including restrictions on the up-streaming of cash to the rest of the IAG companies. Fuel unit costs at ccy were down 3.9% on 2019, linked to continued efficiencies and the net impact of commodity prices across the quarter and hedging losses versus the previous year.Supplier costs increased by 1.5%, and on a unit basis at ccy were 5.9% higher than last year.
IAG Cargo’s Q1 2020 results report commercial revenues of €246m over the period from January 1 to March 31, 2020, a decrease of 11.6 per cent on the same period in 2019 at constant currency.
However, March’s performance was severely affected by government travel restrictions due to the rapid spread of COVID-19 which significantly impacted demand. International Airlines Group (IAG) announces its preliminary results for the first quarter of 2020 and continues to assess further cost reduction and cash flow initiatives across the entire Group.
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