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IAG profit misses consensus by 89.9% in Q1

International Consolidated Airlines Group SA said its normalized net income for the first quarter amounted to €21.9 million, a decrease of 60.7% from €55.6 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.5% from 1.1% in the year-earlier period.

Total revenue declined year over year to €4.93 billion from €5.08 billion, and total operating expenses decreased from the prior-year period to €4.79 billion from €4.90 billion.

Reported net income fell 76.7% year over year to €27.0 million, or 1 cent per share, from €115.8 million, or 5 cents per share.