Placeholder canvas

IAG airlines group rebounds into 2013 net profit

Date:

International Airlines Group rebounded into net profit in 2013, boosted by a strong performance from British Airways and recently-acquired Spanish budget carrier Vueling, it said on Friday.

Profits after tax stood at 122 million euros ($167 million) last year, IAG said in a results statement. That contrasted with a net loss of 716 million euros in 2012.

Revenues grew 3.1 percent to 18.675 billion euros and fuel costs slid 2.5 percent to 5.951 billion euros, added the group, which also noted “huge progress” on the restructuring of its Iberia division.

Operating profit, or earnings before tax and one-off costs, stood at 770 million euros, compared with a loss of 23 million euros in 2012.

“In 2013, we strengthened the group by acquiring Vueling, embarking on Iberia’s transformation and enhancing British Airways’ revenue performance,” said chief executive Willie Walsh.

“This has led to a strong financial recovery and return to profitability.”

He added: “British Airways continued its solid revenue performance this year and we’re seeing cost improvements, resulting in an operating profit.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Orry Faces Backlash After Declining Handshake At Event

Internet sensation Orry, famed for his wild antics and...

From Deepfake Concerns To India’s AI Mission PM Modi Interacts With Bill Gates

New Delhi: Prime Minister Narendra Modi engaged in a...

NewsMobile Morning Brief

Actor Govinda Joins Eknath Shinde’s Shiv Sena Ahead Of...

Gangster-Turned-Politician Mukhtar Ansari Dies Of Cardiac Arrest

Banda: Gangster turned politician Mukhtar Ansari passed away at...