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Wednesday May 22, 2019

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IAG reports €800m swing into profit

IAG, parent company of British Airways and Iberia, has just announced a major swing back into profits; powered by good performance in BA and Vueling.

The group posted profits of EUR €527M (GBP £433M) in 2013, compared with a previous year loss of EUR €613M.

In a statement this morning, the group stated that it had made "huge progress" due to the major restructuring program in Iberia.

Chief Executive of IAG, Willie Walsh said; "British Airways had solid revenue and benifited from extra slots at Heathrow".

The slots were realised following the successful integration of the former airline, BMI (British Midland).

"In 2013, we strengthened the group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' revenue performance," Walsh said.

"This has led to a strong financial recovery and return to profitability, with a turnaround of nearly 800m euros."

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