IAG returns to profit in 2022

Fresh from announcing its planned full acquisition of Air Europa, International Airlines Group (IAG) reported a €1.25bn operating profit in 2022, leaving it with €431 million after tax. The group, which counts Aer Lingus, British Airways and Iberia among its carriers, said the result was a “significant improvement” of almost €4.2bn on a loss-making 2021. The group said it was back to 87% of 2019 pre-Covid capacity with passenger unit revenue up 11% on that year as ticket prices were increased on the back of 30% higher fuel costs and 24% higher non-fuel costs. What the group described as “adverse