British Airways owner posts record £1.1billion profits amid holiday revival and higher air fares
THE owner of British Airways has posted record half-year profits on the back of a holiday revival and higher air fares.
IAG enjoyed operating profits of £1.1billion for the first half of 2023, compared with a loss of £382million last year.
It also revealed fares were 9.5 per cent more expensive than a year ago as it passed on its own higher costs to passengers.
It is a boost after two years of pandemic travel restrictions and chaos last year caused by staff shortages at Heathrow.
BA had to cancel thousands of flights last August during the peak summer holiday period, causing misery to travellers. BA boss Sean Doyle said the industry was in a much better position and it had hired an extra 4,000 people so far this year.
Mr Doyle added holidaymakers had not been put off by the extreme hot weather across Europe and fires in Greece and Corfu.
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He said: “Traditional markets of southern Europe are very, very strong this year and actually they continue to book strongly.”
IAG said despite nervousness around rising bills it has not seen “any sign of a slowdown in demand” in leisure or business travel.
Boss Luis Gallego said: “Customer demand remains strong across the group, particularly for leisure travel, with around 80 per cent of passenger revenue for the third quarter.”
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