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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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BA Owner’s Profit Soars to New Heights with Return of Travel Demand

BA Owner's Profit Soars to New Heights with Return of Travel
BA Owner's Profit Soars to New Heights with Return of Travel

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BA Owner’s Profit Soars to New Heights with Return of Travel

International Airline Group (IAG), the owner of British Airways, has reported annual record profits of €3.5 billion (£3 billion) for 2023, nearly three times that of the previous year and surpassing its pre-pandemic peak. The surge in profits reflects the strong demand for holidays as the travel industry continues to recover from the impact of the pandemic. IAG, which also owns Spanish airlines Iberia and Vueling and Ireland’s Aer Lingus, highlighted “strong and sustained demand for travel.” The group’s total revenues increased to €29.4 billion (£25 billion) from €23 billion in 2022.

IAG CEO Luis Gallego noted that the group’s capacity is now close to pre-pandemic levels in most leading markets, with consumer demand remaining robust, especially in the leisure travel segment. The group revealed that its flights were booked at 92% for the first three months of 2024 and at 62% for the first half of the year, indicating a more robust position than a year earlier.

While the results reflect the positive momentum in the airline industry, IAG acknowledged potential risks, including the impact of higher inflation and interest rates, increased costs, and the potential effects of ongoing conflicts in various regions. In a call with reporters, Mr. Gallego did not comment on whether airfares would rise in the coming year, stating that they would be “determined by the market.”

Looking ahead, IAG plans to invest in 178 new aircraft between 2023 and 2028, aiming for a 20% more fuel-efficient and quieter fleet and significantly quieter than the previous generation. The announcement comes as airlines globally navigate a period of recovery and adapt to shifting market dynamics after years of disruption caused by the COVID-19 pandemic.


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