British Airways owner IAG revealed preliminary third-quarter profits that were stronger than anticipated during the crucial summer season.

IAG shares gained 7.3% following the news on Thursday.

Trading during the period was better than expected due to passenger revenue strength. As a result, the airline now expects operating profit for the third quarter to be in the region of €1.2 billion.

Furthermore, the company stated that “forward bookings remain at expected levels for the time of the year, with no indication of weakness.” Additionally, as of today, the company’s fourth-quarter projections are unchanged.

Its full results statement is due to be announced on October 28th.

IAG’s share price has tumbled almost 30% this year as inflation, energy prices and staffing issues have dented the travel industry’s recovery.

IAG was significantly impacted by Covid as travel restrictions saw revenue for airlines plummet. However, demand has since grown for the travel industry, and website traffic for British Airways has begun to approach its highs shown in July 2020.