Jul 29, 2022
British Airways parent IAG returns to profit for first time since pandemic
The owner of British Airways has returned to profit for the first time since the start of the pandemic, as the scaling up of travel generated "Acute" operational challenges within the industry and London's Heathrow airport. The airline group on Friday reported an operating profit of €293mn in the second quarter compared with a loss of €967mn in the same period last year. IAG narrowed its first half operating loss before exceptional items to €467mn, from a loss of €2.18bn in the same period of 2021. "In the second quarter we returned to profit for the first time since the start of the pandemic following a strong recovery in demand across all our airlines," said chief executive Luis Gallego. Gallego said the industry continued to face "Historic challenges due to the unprecedented scaling up in operations, especially in the UK where the operational challenges of Heathrow airport have been acute".
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