IAG returns to profit of €921 million over a loss of €654 million in H1, 2022

The parent company of British Airways, International Consolidated Airlines Group (IAG) recorded an operating profit before exceptional items of €1,260 million, an increase of €1,706 million. IAG released its financial results for the first half (H1) and quarter two (Q2) of 2023. The Group recorded a revenue of £11.7 billion, an increase of nearly 45% year-on-year while fares were up by around 9.5% as fuel prices increased by 5.7%. The Group reduced its net debt to €7.6 billion at June 30, 2023 due to the increase in profit and seasonal working capital inflows. The net debt at December 31, 2022 was