British Airways owner IAG (LON:IAG) said performance had been hit by negative currency movements on Friday, but still saw pre-tax profits rise by nearly 33 percent.
The company confirmed profits were hit by the weak pound in the wake of Brexit to the tune of 460 million euros, but that pre-tax profits still rose 32.7 percent to 2.4 billion.
Shares rose nearly 2 percent after the release of the figures, as investors were cheered by the signs of improving profitability.
Revenue fell 1.3 percent, with revenue per passenger taking a 5.4 percent hit. However, the key operating profit figure rose 7.2 percent to 2.48 billion euros, despite cautious forward-looking statements made after the referendum in June.
The airline group also announced that it intended to carry out a share buyback of 500 million euros during the course of 2017.
Chief Executive Officer Willie Walsh called the outcome “a good performance in a challenging environment.”
Shares in International Consolidated Airlines are currently trading up 2.08 percent at 514.75 (0935GMT).