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Profits flying high for parent company of British Airways

by LLB Finance Reporter
28th Jul 23 11:45 am

International Consolidated Airlines Group (IAG) the parent company for British Airways has announced they’ve made record profits between January and June this year.

In the first half of 2023 IAG’s operating profit hit €1.3 billion up from the same period last year from €446 million.

Revenue is flying high as it reached €13.6 billion which is an increase of almost 45% year on year and fares went by an average of 9.5% because fuel increased by 5.7%.

IAG chief executive Luis Gallego said, “Our strong profits since the start of the year are helping to fund investment for our customers, and to improve our balance sheet by reducing debt.

“We are aiming to be back to pre-pandemic capacity at the end of this year.

“These results are thanks to a strong performance from all companies across the group, and we would like to thank our teams for their hard work during the year so far.

“Customer demand remains strong across the group, particularly for leisure travel, with around 80% of passenger revenue for the third quarter already booked.

“And our airlines have put in place plans to support operations during the busy summer period.”

Gallego added, “We don’t see any sign of a slowdown in the demand.

“I think that the performance of the group is going to continue in the way that you see now.”

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