IAG beats guidance despite strengthening dollar -UPDATE

-Adds broker comment

International Airlines Group (IAG) has this morning announced a large drop in profitability as higher fuel costs and non-cash charges compensated for an improvement in passenger yields as airlines reduced capacity in response to the adverse economic environment.

The company incurred in losses before tax for the year of €997m (£862.89m), versus €503m one year ago. Those were the result of a 20.4% increase in fuel oil costs and emission charges to €6.1bn from €5.068bn one year ago.

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