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IAG reported profits.

 IAG, the owner of British Airways, reported its first full-year profits since the pandemic hit and said

Airplane

profits might rise nearly 90% this year as the business recovers, but its shares fell around 6% on concerns over the group's debt. International Consolidated Airlines Group (IAG) has posted its first full-year profits since the pandemic hit. However, the owner of British Airways bounced back with EUR1.25bn of profits for 2022 and said that the figure might nearly double in future years as holiday and business travel resumes anew after a prolonged coronavirus pandemic.

IAG's operating profits for 2022 were 1.22bn euros and reversed two years of losses caused by COVID. Louis Gallego said British Airways owners remained confident they would recover to coronavirus-pandemic operating profit levels within the next two years despite doubling. The British Airways owner said that capacity reached 78% of its pre-COVID levels last year - reaching 87% of its 2019 levels in the previous quarter - with holiday markets seeing strong recoveries, and business-related travel is steadily improving. He said premium leisure segments had performed strongly during the last year, with holiday bookings exceeding the levels before Coronavirus. The group saw revenues nearly triple to EUR23bn for the year ending 31 December 2022, with operating profits reported at EUR1.3bn. The firm said that in 2022, its operating profit before extraordinary items was 1.26bn euros (PS1.1bn), which was a turnaround from the 2.97bn euros (PS2.62bn) loss it posted the previous year

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  1. Ernesto25 February 2023 at 08:56

    IAG should make a complete recovery and I estimate it will be making even more than it did prior to the pandemic. But it needs another 2 years to do so.

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    1. Thomas25 February 2023 at 10:25

      People are indeed traveling with a vengeance now so profits for such companies will be high for a while. And this will be good for all of us as generally when certain fields and companies do well, we all do well. Let's hope this is what ends up happening.

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