IAG swings to 68 mln euros full-year loss

LONDON Thu Feb 28, 2013 2:15am EST

Related Topics

LONDON Feb 28 (Reuters) - International Airlines Group , the owner of British Airways and Spain's Iberia, swung to a full-year operating loss, hit by its underperforming Spanish unit and higher fuel costs.

IAG, Europe's fourth-biggest airline group by market value, on Thursday reported a 2012 operating loss of 68 million euros ($89.14 million) compared to the 485 million euro profit it posted a year earlier.

The results were hit by a 6.1 billion euros fuel bill, 20.4 percent higher than in 2011, and a 351 million euros operating loss at Iberia. British Airways delivered an operating profit of 347 million euros.

The group was expected to report an average 2012 operating loss of 82 million euros, according to a Thomson Reuters I/B/E/S poll of 16 analysts.

IAG's full year revenues rose 10.9 percent to 18.1 billion euros, but non-fuel costs rose 11.6 percent to just over 12 billion euros.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.