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IAG improves its revenue forecast due to the tourism boom: “people want to fly”

Date: February 24, 2024 Time: 21:56:05

The CEO of IAG, Luis Gallego, has stated that the company has revised its billing outlook upwards due to the good rate of seat reservations, so that they expect to improve the estimated turnover in February, which amounts to 2,300 millions of euros. This performance will also be reflected in the debt reduction, which will be greater than anticipated in the first estimates, as he confessed at the General Shareholders’ Meeting held today.

“People want to travel”, assured the leader, who confirmed that they already have 80% of the available capacity reserved for this summer. According to the data for the entire year, the group’s airlines will fly 97% of the routes they had before the pandemic, figures that “are above the other European groups.”

The complete recovery has been weighed down, according to Gallego, by the late reopening of the Asian markets, especially China, where today a third of the planes that arrived four years ago fly. The CEO defends that, despite this, they barely accounted for 8% of the total routes, so his condition is less than that of other markets. The situation is radically opposite on the other side of the world, with all the capacity recovered in North America and Latin America, destinations that “are coming back strong.”

Regarding the General Meeting, the shareholders have approved all the points proposed by the Board of Directors of the company and included in the agenda.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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