IAG to restructure Iberia, will miss full-year profit target

Iberia and British Airways (BA) owner International Consolidated Airlines Group, otherwise known as IAG, said it would fail to achieve its 'break-even' operating target this year after it registered a steep loss in the six months to June 30th as fuel costs jumped and losses at its Spanish airline increased.

Iberia and British Airways (BA) owner International Consolidated Airlines Group, otherwise known as IAG, said it would fail to achieve its 'break-even' operating target this year after it registered a steep loss in the six months to June 30th as fuel costs jumped and losses at its Spanish airline increased.

The company reported a half-year pre-tax loss of €390m, down from a profit of €39m the year before, as fuel costs gained 25% from €2,378m to €2,973m.

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