Aer Lingus reports drop in operating profits and blames pilots’ strike action

However, its owner IAG reported quarterly operating profit jumped 15%, beating forecasts, and expressing optimism about future travel demand, as its growing exposure to lucrative transatlantic routes helped it outperform rival airlines.

Shares in IAG opened up 6% and are trading at levels last seen in March 2020, before the pandemic halted travel. The stock is up 50% so far this year.

IAG, which also owns British Airways, Iberia and Vueling, said planes flying between London and the US were fuller this year compared to last and it had added capacity of 4% on the North Atlantic, while also flying more on the South Atlantic.

“Demand remains strong across our airlines, and we expect a good final quarter of 2024 financially,” chief executive Luis Gallego said.

IAG also on Friday announced a €350 million share buyback.

Higher ticket prices and lower fuel prices plus the group’s focus on costs and efficiencies helped offset a higher wage bill and deliver the consensus-beating…