British Airways owner IAG has reported a profit for the first half of 2014, helped by an improved performance at Spanish airline Iberia.
The group made a pre-tax profit of €155 million, compared to a loss of €177 million for the same period last year.
Group passenger numbers rose to around 35 million from around 29 million in the first half of 2013.
IAG’s first half year financial results were boosted by its Spanish airline Iberia, which posted an operating profit of €16 million for the three months to June 30, compared with a €35 million loss in the same period last year.
IAG’s chief executive Willie Walsh said Iberia’s restructuring was continuing “to have a positive impact”. Walsh also confirmed Iberia would be getting 16 new Airbus long-range passenger jets consisting of A350s and A330s between 2015 and 2020.
“Iberia has taken significant steps to restructure its business and the progress made so far means that we can bring new long-haul aircraft into the airline’s fleet,” he added.
Last week, IAG confirmed 1,427 jobs are to be axed at the Spanish airline.
IAG’s low-cost carrier Vueling reported an operating profit of €30 million, up from 11 per cent the previous year. BA made a profit of €327 million.