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IAG profits rise
British Airways’ parent group IAG has reported a jump in annual profits.
The company, which also owns Spain’s iberia, reported pre-tax profits of £425.6 in the year to December 2011.
The company said the improvement was against the backdrop of a particularly difficult year in 2010.
“BA is making money and Iberia is losing money. The Spanish economy is weak and operating costs at Iberia are too high, unacceptably so, but this is being tackled,” chief executive Willie Walsh told reporters on Wednesday.
“The challenges Iberia faces are similar challenges BA faced, so we know the problems we face but the Spanish economy will continue to be weak for some time.”