Newspaper article The Evening Standard (London, England)

IAG Profits Fly Higher despite [Euro]460m Blow from Brexit Storm

Newspaper article The Evening Standard (London, England)

IAG Profits Fly Higher despite [Euro]460m Blow from Brexit Storm

Article excerpt

Byline: Lucy Tobin

BRITISH Airways' owner showed today that it kept a steady hand during Brexit-fuelled turbulence, as profits surged by a third despite sterling's plunge costing the airlines group [euro]460 million (PS390 million) last year.

"Brexit is painful," said Willie Walsh, chief executive of International Airlines Group which also owns Iberia, Aer Lingus and Spanish budget carrier Vueling. "But it's worn off, we'll move on. The general environment last year was okay, and in 2017 we think it's going to be okay again."

IAG's runway rivals including EASYJET and Ryanair have struggled in the face of increased capacity and lower fares after the EU vote, as well as the impact of terrorism.

But although IAG cut capacity to Angola, Nigeria, Morocco, Tunisia and Uganda, it managed to grow pretax profits for the year to [euro]2.36 billion, from [euro]1.8 billion a year before, beating City expectations.

But the pace is slowing and Walsh said capacity this year would grow about 2. …

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