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BA and Iberia profit recovers

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BA and Iberia profit recovers
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British Airways says it expects to deliver further growth next year after posting a pretax profit of 181 million euros in the first half of this year; that is its first profit in two years.

The airline’s revenues grew 8.4 percent as businesses loosened the purse strings on their travel budgets.

First and business-class travel – the most profitable part of BA’s passenger business – has increased steadily in recent months.

Operating costs were cut by 1.5 percent during the period.

At the same time its merger partner Spain’s Iberia announced it made a 53 million euro net profit in the first nine months of the year, recovering from last years steep losses.

Iberia’s revenues grew seven percent to 3.57 billion euros thanks to a recovery in business travel on long-distance flights and strict cost controls.

Their merger is due to be completed in January.