STORY: British Airways owner IAG said first quarter earnings soared.

On Friday, the airline group reported operating profit reached $73 million in January to March.

The number was well ahead of analyst forecasts, and much better than a profit of just $9.7 million a year earlier.

IAG was helped by rising demand over the Easter holiday.

The performance also goes against normal service as the first quarter is often weak for airlines.

Investors said IAG's performance showed the strength of its long-haul traffic.

They also cited its success in reducing debt built up during the pandemic.

Looking ahead, IAG is seeing strong summer bookings.

The company said it had already secured more than 80% of projected bookings for the second quarter.

And over 40% for the third quarter.

IAG's performance was brighter than European rivals Lufthansa and Air France-KLM.

They reported worse than expected first quarters due to a number of issues, including strikes.

Shares in IAG rose over 1% after the update.