IAG, the parent group of British Airways and Spanish carrier Iberia, reported on Friday a 74-percent slump in first-quarter net profit, in large part owing to a weak pound. Profit after tax slid to 27 million euros ($30 million) in the first three months of the year from 104 million euros in the first quarter of 2016, IAG said in an earnings statement.

IAG, which owns also Irish airline Aer Lingus, added Friday that first-quarter group revenue dropped nearly three percent to 4.9 billion euros owing to the Easter vacation period occurring in April this year, outside the reporting period. Operating profit before exceptional items however climbed almost ten percent to 170 million euros, aided by low oil costs.

Copyright Agence France-Presse, 2017