Aer Lingus owner IAG records a 75% jump in quarterly profit
The company, which also owns Aer Lingus and low-priced carriers Vueling and Level, further disclosed that it had held talks with Norwegian regarding a possible offer without reaching an agreement.
IAG's share price opened up 2.9 per cent and climbed to 3.6 per cent as shareholders embraced the news.
It continued: "These proposals were reviewed. and were unanimously rejected on..."
"Operating profit for the period was 280 million euros ($335 million), an increase of 120 million euros versus a year ago and comfortably ahead of consensus forecasts", noted Neil Wilson, chief market analyst at Markets.com trading group.
Releasing first quarter results on Friday, IAG stuck to a forecast for annual profit growth after announcing a 75 per cent jump in quarterly profit, in results that showed it was striding ahead of rival Air France-KLM.
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The jump in quarterly profit was boosted by favourable currency moves, plus higher ticket prices and better sales, helped by strong demand on its lucrative trans-Atlantic routes, and after its costs excluding fuel fell. He also claimed that "weak" airlines were looking weaker and that IAG predicts they will fall in further difficulties with higher fuel prices, suggesting some airlines "will leave the market".
IAG said last month that it has acquired a 4.61% stake in Norwegian, which is "intended to establish a position from which to initiate discussions", including the possibility of a full offer for the firm.
Changes in exchange rates generated €58 million of the increase for the three months ended March 31st.
"What I have said is that at today's level I do not think you will find many Norwegian owners willing to sell".
"The Board of Norwegian Air Shuttle (NAS) confirms that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100 percent of the share capital of NAS". Its shares were up over 4% in London.
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