Europe’s airlines are expected to report strong quarterly numbers as consumers have kept traveling despite a cost of living crisis, but the outlook is clouded by rising oil prices
British Airways-owner IAG and Air France-KLM shares fell sharply on Friday, with Air France-KLM reaching all-time lows, as investors feared weak outlooks despite record quarterly profits.“Concerns dominate sentiment,” said Neil Glynn, managing director of AIR Control Tower, an airline research platform.
IAG topped the €1.55-billion expected by analysts in a company-compiled poll while Air France-KLM slightly lagged an analysts’ consensus forecast of 1.37 billion. IAG reported an operating margin of 20.2 per cent, up from 16.6 per cent a year earlier, adding its robust results would allow it to pay down debt, which stood at €8-billion versus €11.1-billion a year earlier.
While IAG shares were up 2.6 per cent when markets first opened, they dropped by almost 3 per cent later into the morning.
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