British Airways and Iberia owner International Consolidated Airlines Group (IAG) reported a five-fold increase in pre-tax profit in the year ended December 31st.
Pre-tax profit surged 499% from €84m to €503m, on revenues that grew 10.4% from €14,798 to €16,339m, despite a €317m adverse currency impact.
The performance was boosted by net cost and revenue synergies worth €74m, €64m more than its target, in the first year since the merger.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Fuel costs were up 29.7% on the year at €5,068m.
No dividend was paid.
Note: the figures are based on the combined results for BA, Iberia and IAG the company for the full-year to December 31st 2011 and 2010, and include the 21 days pre-merger at the start of January 2011.
BC
-
Reeves ‘looks at minimum UK shareholding' in ISA reformOn top of a rumoured £10,000 cash ISA limit, chancellor Rachel Reeves is reportedly considering adding a minimum UK shareholding requirement to the stocks and shares ISA
-
Rightmove: Asking prices rise by 0.3%, but increase is lower than typical for OctoberOctober saw asking prices grow by £1,165 on average, Rightmove says, but the increase is far below the usual autumn bump as the property market braces for next month’s Budget.
