Profits soar for British Airways owner IAG

Purvai Dua

Source: @Photoshot

Keen in acquiring Monarch’s airport slots at Gatwick

The owner of British Airways, International Airlines Group (IAG), has posted a 22 per cent rise in profits in the third quarter owing to strong travel demand and lower costs.

IAG, which also owns Aer Lingus, Iberia and Vueling, stated that its revenues rose 2 per cent while its pre-tax profits climbed to €1.44bn in the three months to the end of September.

Chief executive Willie Walsh said all IAG’s businesses performed well, with passenger revenue growth buoyed by upturns in Spanish and Latin American markets.

Walsh also confirmed IAG’s interest in acquiring Monarch’s airport slots at Gatwick. “Our commercial performance was good despite underlying disruption from severe weather and terrorism,” he said, adding, “IAG will continue to grow organically, and we’ve demonstrated we can do that efficiently.”

With the fall in arlines like Air Berlin, Monarch and Atalia this year due to tough competition, the shares of rival airlines have picked up. The share of IAG are up nearly 50 per cent this year.

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