IAG returns to profit in 2022

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LONDON (Reuters) – IAG, parent company of British Airways, reported on Friday a significant improvement in its financial results in 2022, and said it expected further profit growth this year.

The group’s annual operating profit was 1.22 billion euros, IAG said in a statement, compared to a loss of 2.97 billion euros a year ago.

These results come after the group agreed on Thursday to pay 400 million euros to the Spanish Globalia for the remaining 80% of the airline Air Europa which it did not yet own.

For 2023, the airline group, which also owns Iberia, Vueling and Aer Lingus, forecasts a profit of between 1.8 and 2.3 billion euros, an increase of 88% compared to 2022, at the top of the fork.

“2022 has been a year of strong recovery, driven by sustained leisure demand and the reopening of markets,” said IAG chief executive Luis Gallego.

“At this point in the year, we continue to see robust bookings, while remaining mindful of global macro uncertainties,” he added.

(Report Joanna Plucinska; French version Dagmarah Mackos, editing by Kate Entringer)

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