BA profit boosts IAG
International Airlines Group has reported a second quarter profit in the three months to June 30.
The owner of British Airways and Iberia achieved an operating profit of €245m (£214m).
This compares to a loss of £4m in the second quarter of 2012 and is much-improved on the airline’s own forecast of €163m profit.
BA saw its operating profit soar to €247m in the quarter, up from €94m the previous year.
Iberia also showed an improved performance, posting losses of €35m, compared to €93m in the same period last year.
However, IAG’s pre-tax loss for the first half of the year grew from €358m in 2012 to €506m, mainly because of restructuring costs at Iberia.
IAG chief executive Willie Walsh said Spanish carrier’s restructuring was "already bearing fruit".
Passenger revenue was up 14%, to €7.498bn; while total revenue was up 2.1% to €8.707bn.
IAG plans to increase capacity by 5.2% this year, following its acquisition of Vueling.
Walsh added: "The London market and transatlantic traffic remains strong, legacy costs from the BMI integration have ended and the airline remains focused on cost control."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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