International Airlines Group (IAG) has just published its financial results for the first quarter of the year.
Once again, the results are a tale of two airlines with a stark divergence in the performance of British Airways and Iberia. IAG made an overall operating loss of €278 million. However, IAG had to also take another exceptional charge of €311 million in connection with the restructuring of Iberia. This is in addition to the exceptional charges and provisions IAG took at the end of 2012. The overall loss after tax for the quarter was €630 million.