{"id":4542,"date":"2023-05-05T08:55:25","date_gmt":"2023-05-05T12:55:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/european-airlines-see-strong-summer-bookings-hope-to-avert-chaos\/"},"modified":"2023-05-05T08:55:25","modified_gmt":"2023-05-05T12:55:25","slug":"european-airlines-see-strong-summer-bookings-hope-to-avert-chaos","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4542","title":{"rendered":"European airlines see strong summer bookings, hope to avert chaos"},"content":{"rendered":"
\n

By Sarah Young and Federica Mileo<\/p>\n

LONDON\/PARIS (Reuters) – British Airways-owner IAG (LON:) and Air France-KLM reported bumper summer bookings as travellers pressed ahead with holiday plans despite a cost-of-living crisis, though IAG’s boss warned strikes and lack of staff could still disrupt major airports.<\/p>\n

European airlines and airports are under pressure to avoid a repeat of last summer’s chaotic scenes that marred the return to mass travel after the freeze caused by the COVID-19 pandemic. <\/p>\n

IAG, which also owns Iberia, Vueling and Aer Lingus, said on Friday strong ticket sales for summer and a winter season that beat expectations meant 2023 profit would come in above its previous forecasts. <\/p>\n

Its positive outlook chimed with other major European airlines. Lufthansa, easyJet (LON:) and Ryanair have all pointed to robust summer bookings, showing consumers prioritising travel spend despite high inflation and an uncertain economic outlook.<\/p>\n

IAG called the outlook for the summer “encouraging” and said capacity in its key North Atlantic and Latin American markets was now back at pre-pandemic levels, with demand from leisure travellers driving bookings.<\/p>\n

However, Chief Executive Luis Gallego said he was concerned about capacity at London’s Heathrow airport this summer and possible new strikes by air traffic controllers (ATC) in France, where protests over a rise in the retirement age have disrupted travel since January. <\/p>\n

British Airways had to cut flights over the Easter holidays due to labour unrest at Heathrow, though the hub – which last summer put a cap on passenger numbers to cope with staff shortages – has said there won’t be a similar measure this year. <\/p>\n

“We are very worried about the French ATC,” Gallego told analysts on a post-earnings call. “For example Vueling, 80% of their flights are above French air space so I think it’s something we are worried (about).”<\/p>\n

The group said it now expected annual profit to come in above the top end of a 1.8-2.3 billion euros ($2.0-$2.5 billion)range given in February, sending its shares up 3% by 0750 GMT. The top end of that range already represented a jump of as much as 90% on last year’s result. <\/p>\n

For the three months to the end of March – often loss-making for airlines as fewer people travel then – IAG said high demand combined with lower fuel prices helped it turn a profit. <\/p>\n

It made an operating profit before exceptional items of 9 million euros, well above the 179 million euro loss expected by analysts. <\/p>\n

Air France-KLM also said it was seeing strong summer ticket sales after first-quarter revenue rose 42% year-on-year to 6.33 billion euros. Its shares fell 5% in early trade, though, as its operating loss of 306 million euros was above market expectations for a loss of 294 million euros. <\/p>\n

The airline also forecast 2023 capacity at 95% of pre-pandemic levels, compared with 95-100% previously.<\/p>\n

In another sign of travel recovery, Holiday Inn owner IHG Plc reported a 33% jump in first-quarter revenue per available room (RevPAR) – a key measure for a hotel’s top-line performance.<\/p>\n

Hotel operators are benefiting from China lifting its COVID-19 restrictions, boosting travel throughout the Asia Pacific region.<\/p>\n

($1 = 0.9058 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Sarah Young and Federica Mileo LONDON\/PARIS (Reuters) – British Airways-owner IAG (LON:) and Air France-KLM reported bumper summer bookings as travellers pressed ahead with holiday plans despite a cost-of-living crisis, though IAG’s boss warned strikes and lack of staff could still disrupt major airports. 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