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British Airways parent company IAG is to pay shareholders its first dividend as profits surged by nearly 60 per cent.
IAG has announced it will pay 10 cents per share to investors – the first time it will pay a dividend since the company was founded in 2011 following the merger of BA and Iberia.
The move came as IAG made an operating profit of €1.25 billion in the third quarter of 2015, up from €900 million during the same period last year.
This increased profit was on the back of a 15.2 per cent increase in revenue to €6.8 billion during the quarter. IAG also benefited from an 8.6% reduction in its fuel bill.
The figures did not include the results from Aer Lingus, which IAG purchased in August.
CEO Willie Walsh said: “We’re reporting strong quarter results with a positive contribution from all of our airlines. We’re delighted to announce IAG’s first dividend payment of 10 euro cents per share.
“Aer Lingus made an operating profit of €45 million since it joined IAG on August 18. While the airline’s profitability is seasonal, Aer Lingus is cost-effective and provides a natural gateway to build our business between Europe and North America. It’s a great asset for the group.”
IAG said it expected to make an operating profit of between €2.25 billion and €2.3 billion for the whole of 2015, excluding Aer Lingus’ results.