British Airways-Iberia operating profit doubles in the first year together

International Airlines Group (IAG) (British Airways and Iberia) (London) reported it had an operating profit of $653 million in 2011.

Here is the full report from the group:

IAG period highlights on combined results:

·      Fourth quarter operating profit of €34 million, before exceptional items (2010: €6 million)

·      Operating profit for the year to December 31, 2011 of €485 million, before exceptional items (2010: €225 million)

·      Profit before tax for the year of €503 million after exceptional items (2010: €84 million)

·      Revenue for the year up 10.4 per cent to €16,339 million (2010: €14,798 million), including €317 million or 2.1 per cent of adverse currency impact

·      Passenger unit revenue for the year up 3.6 per cent (5.8 per cent at constant currency), on top of capacity increases of 7.1 per cent

·      Fuel costs for the year up 29.7 per cent to €5,068 million, before exceptional items (2010: €3,907 million), fuel unit costs were up 21.4 per cent

·      Other operating costs up 1.1 per cent at €10,786 million, before exceptional items, including €165 million or 1.5 per cent of favourable currency impact. Non-fuel unit costs down 5.6 per cent, or 4.1 per cent at constant currency

·      Cash down €617 million for the year to €3,735 million

·      Group net debt up €253 million in the year to €1,148 million

In other news, British Airways has announced it intends to introduce the new Airbus A380 in early 2013 on routes to New York (JFK), Hong Kong, Beijing and Singapore.

Copyright Photo: Richard Vandervord.

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