IAG logs Q1 loss of €630m

International Airlines Group, parent of British Airways, announced on Friday a first-quarter net loss of 630 million euros ($822 million), after taking a big charge for restructuring costs at struggling Spanish division Iberia. The loss after taxation in the three months to March compared with a shortfall of 129 million euros in the same part of last year, IAG said in a results statement. Revenues grew 0.5 percent to 3.939 billion euros, while fuel costs dipped 3.4 percent to 1.361 billion euros. The company also took an exceptional charge of 311 million euros, mostly relating to restructuring at Iberia. "These results are encouraging with underlying revenue strength in strategic markets however while the first step towards restructuring Iberia has been taken, there is more work to be done," said chief executive Willie Walsh in the statement.