This Friday, the International Airlines Group published its second-quarter results. IAG is a multinational airline holding company of several airlines, including British Airways.
The report made for some good reading as it revealed the British carrier’s financial performance over the last quarter – it had managed to return to profit after a long three years.
British Airlines, just like most airlines across the globe, have seen drastic dips in its financial performance as a consequence of the pandemic and the stand-still of the air travel industry that followed.
Now, the International Airlines Group (IAG) has released its Q2 results, and the UK’s national carrier British Airways has done very well.
For the first time since 2019, BA has made a profit with an operating result of £54 million for the second quarter. This achievement marks a positive sign of progress for the British carrier as they continue to recover from the intensity of the last two years.
BA managed to take this step forward because its total quarterly operational expenditure sum of £2.683 billion was offset by total revenue for the period of £2.737 billion. And while £54 million is a significantly smaller Q2 profit than BA’s in 2019 (£526 million), the airline is also much better off than last year – the carrier lost £566 million in Q2 in 2021.
Elsewhere, BA’s operation costs are 9% lower than Q2 in 2019. This is primarily due to a 25% drop in employee costs. But of course, the drop in employee costs is due to the staffing issues BA has been struggling with. The lack of staff has led to disruption across the board, forcing the carrier to cut back on its summer schedule.
Passenger revenue remains below 2019 levels for British Airways as the oneworld carrier made £2.227 million in passenger revenue – 27% lower than 2019’s Q2.
The report also shared that British Airways will no longer receive its first Boeing 777X until 2026.
What do you make of BA’s latest Q2 results? Will you be flying with the carrier any time soon? Share your thoughts with us in the comments below.