September 2022, Virtual
September 29 2022, Virtual
Now in its 27th year, the Business Travel Awards
British Airways owner IAG has flown back into profit for 2013, after strong performances from BA and Spanish carrier Vueling.
The group’s end of year financial results showed a profit of €527 million in 2013, compared with losses of €613 million euros in 2012.
IAG, which was formed in 2011 following the merger of Iberia and BA, said although Iberia made a loss of €166 million, “huge progress” on cost control and its restructuring progress has been made.
The group also benefitted from “additional slots at Heathrow”, and improved network flexibility following BMI’s integration.
IAG's CEO, Willie Walsh (pictured), now expects the group to make steady progress towards its 2015 operating profit target of €1.8 billion, driven by falling costs.
Revenues for the year rose 3.1% to €18.7bn while fuel costs were down 2.5% to €5.95bn.
Strong financial results from IAG were expected after the group posted pre-tax profits of €609 million for the third quarter of 2013.
IAG saw pre-tax profits rise by 157 per cent from a profit of €237 million for the same quarter in 2012.