News

IAG airlines group rebounds into profit

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

Profits after tax stood at 122 million euros ($A187.05 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 per cent to 18.675 billion euros and fuel costs slid 2.5 per cent 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."

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