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Iberia turnaround lifts IAG airlines group

AFP

International Airlines Group announced on Friday increases to quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performanceInternational Airlines Group announced on Friday increases to quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performance

International Airlines Group announced on Friday increases to quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performanceInternational Airlines Group announced on Friday increases to quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performance

International Airlines Group announced on Friday increases to quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performance.

Group net profit more than doubled to 280 million euros ($375 million) in IAG's second quarter, or three months to the end of June, from 127 million euros during the equivalent period one year earlier.

Group revenue jumped 6.7 percent to 5.08 billion euros, IAG said in an earnings statement.

?Iberia's restructuring continues to have a positive impact," said IAG chief executive Willie Walsh.

IAG also announced that Iberia would be taking delivery of a fleet of new long-haul Airbus planes after signing a purchase proposal last year.

It said it was converting eight Airbus A350-900 aircraft options into firm orders. Additionally, IAG said it planned to take eight A330-200s, either from a leasing company or by converting an option signed with Airbus in 2011.

"These orders demonstrate our commitment to make Iberia competitive," Walsh said.

"Both aircraft (types) will provide cost efficiencies and environmental benefits, enabling Iberia to replace its long haul fleet with modern and fuel efficient aircraft."

The A350-900 planes have a combined list price of about $2.3 billion, while airlines tend to receive large reductions on the cost of aircraft purchases.

"The list price is approximately $285 million per aircraft. IAG has negotiated a substantial discount on the list price, but we are not providing a total figure for the cost," a spokesperson told AFP.

Date created : 2014-08-01