Shares in British Airways owner IAG traded lower this morning after the airline group reported mixed third-quarter results.
Lower fuel costs drove a sizeable jump in earnings while revenues grew modestly.
On the downside, the figures on its operating performance did not go down so well with investors.
For instance, growth in passenger revenue per available seat kilometre slowed versus the prior quarter, rising just 0.7% year-on-year.
Over the nine months to 30 September, passenger revenue per ASK declined by 1.4%.
Cheaper fuel saw profit before tax leap 22.5% to €1.4bn, while total sales rose just 2% versus the year-ago period to €6.6bn.
Fuel unit costs before exceptional items for the quarter fell 7.5%.
IAG highlighted the impact from severe weather and terrorism as passenger unit revenue grew by 2.2%, though also flagged improvements in Spanish and Latin American markets.
IAG shares traded down by as much as 4% this morning, though are still up by around 50% this year, having been boosted by the existential problems of low cost rivals Monarch, Alitailia and Air Berlin.