British Airways owner flies back into black
The group, which also owns bmi and Spanish low-cost carrier Vueling, reported an operating profit before exceptional items of €770 million (£631.2m) for 2013, compared with a loss of €23m a year earlier and ahead of analysts’ forecasts of €765m.
Revenues grew 3.1 per cent to €18.7 billion, helped by a 23.1 per cent jump in passenger numbers to 67.2 million.
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Hide AdChief executive Willie Walsh said Iberia, which has been shedding staff and trimming pay in a bid to turn its fortunes around, narrowed its losses to €166m, while British Airways profits soared to £651m, from £274m in 2012.
Walsh said: “In 2014 we expect to make steady progress towards our 2015 group operating profit target of €1.8bn, with relatively flat unit revenue growth, and margin expansion driven by falling unit costs.”