Arab Today, arab today british airways helps iag more than double profits
Last Updated : GMT 10:43:16
Arab Today, arab today
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British Airways helps IAG more than double profits

Arab Today, arab today

Arab Today, arab today British Airways helps IAG more than double profits

London - AFP

International Airlines Group said on Friday that third-quarter net profits more than doubled, boosted by a strong performance from British Airways and recently-acquired Vueling, and a recovery in earnings at Iberia. Profits after taxation surged 165 percent to 580 million euros ($777 million) for the three months to the end of September, compared with 219 million euros in the third quarter of 2012, IAG said in a results statement. Total revenues advanced 6.9 percent to 5.406 billion euros in the reporting period. "These are strong results," said Chief Executive Willie Walsh in the earnings release. Troubled Spanish division Iberia saw its operating profit jump to 74 million euros in the third quarter, compared with just 1.0 million euros last time around. Walsh added: "This is an improved performance (for Iberia), bearing in mind it's the strongest quarter of the year. "However, the airline must continue to implement its restructuring plan and reach agreement on productivity changes to bring about long term sustainable profits and growth." Third-quarter operating profit at British Airways surged to 477 million euros, up from 268 million euros. "Its performance continues to benefit from a strong London and transatlantic market as well as a 100-million-euro revenue bounce-back from the Olympic effect last year. In addition, the airline has maintained its focus on cost control," Walsh said. IAG's latest results also featured the first full-quarter contribution from Spanish budget carrier Vueling, which the group took control of in April. It made an operating profit of 139 million euros in the third quarter. Walsh said that the division benefited the group with its low cost base and successful product strategy. "This summer, there was a tourism boost in Barcelona and Vueling was able to capitalise on this seasonal spike due to its leadership position at the airport," he noted. Turning to the outlook for the rest of the year, IAG predicted that it would make an operating profit before exceptional items of around 740 million euros in 2013.

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