British Airways owner IAG (LON:IAG) has reported a 25% rise in pre-tax profits to €449m for the three months to 30 June.
The carrier’s operating profit shot up 141 percent to 555 million euros, up from 230 million the year before. Revenue for the quarter was also up 11.2 per cent to €5,656 million.
Willie Walsh, IAG Chief Executive Officer, said in a company statement:
“We said previously that profit improvement would be slower in the second quarter and we are on track to reach our full year targets. “We continue to take cost out of the business, with both employee and supplier unit costs down at constant currency, and improvements in productivity levels
The company also stated that at current fuel prices, their outlook for the year remains the same and they expect to generate an operating profit of 2.2 billion euros.
IAG is in the process of buying Irish carrier Aer Lingus, but is waiting for approval from stakeholder Ryanair. However, Mr Walsh is confident that it will be approved.
IAG is currently trading down 1.29 percent, at 534.6 pence per share.
