IAG group back in the black

[LONDON] International Airlines Group soared back into net profit last year on a strong performance from its British Airways unit and from recently-acquired Spanish budget carrier Vueling, the company said.

Profits after tax stood at 122 million euros (S$214 million) last year, IAG said. IAG had suffered a net loss of 716 million euros in 2012. Revenues grew 3.1 per cent to 18.7 billion euros and fuel costs slid 2.5 per cent to 5.95 billion euros.

"In 2013, we strengthened the group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' revenue performance," said chief executive Willie Walsh.