Down Low

IAG Q2 headlines

· Operating profit €555m* (2015: €530m)
· Passenger unit revenue down 6.2 per cent**
· Non-fuel unit costs up 0.8 per cent***
· Fuel unit costs down 29.3 per cent***

BA Q2 headlines

· Operating profit £302m* up 4.6 per cent (2015: £289m)
· Passenger unit revenue down 6.2 per cent**
· Underlying non-fuel unit costs (CASK) 0.5 per cent better***
· Fuel costs down 26.3 per cent
· Customer satisfaction target missed at 8.2 pts (target 9.4pts)
· Punctuality target missed at 73 per cent (target 80 per cent)
· H1 operating profit £487m* (2015: £356m)

*Before exceptional items
** At constant currency
***Before exceptional items and at constant currency

Must admit, these are better results than I expected. However, the group also took a £148m negative currency hit. BA are not happy that the fall in revenue was greater than the fall in costs.