English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

IAG Group turns around

LONDON: The IAG Group, owners of British Airways and Iberia, has reported a return to net profit in 2013 of €430 million on revenues of €18.67 billion.

The result compares to the previous year's loss of €696 million on revenues of €18.11 billion.

Cargo revenue fell 11.8 percent year-on-year to €1.07 billion – or 5.3 percent of group revenue - with yields declining 5.2 percent due to what IAG describes as weak demand.

Commenting on the results, IAG CEO Willie Walsh said: "In 2013, we strengthened the group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' (BA) revenue performance."

Airbus A321 Iberia  A320 British Airways 5047661247BA's operating profit was £651 million, an improvement of £377 million over the prior year. The company says revenues benefited from a full year of [owning] bmi, including the redeployment of those landing rights, and cycling over the Olympic impact felt in 2012.

Iberia reported an operating loss of €166 million compared to a loss of €185 million in 2012. Walsh said a recent pay and productivity agreement between Iberia and its pilot and cabin crew unions is "key to reducing the airline's costs further and providing the foundation for profitable growth."

The low-cost airline Vueling, purchased during 2013, produced an operating profit of €137 million for the year on gross revenue of €1.13 billion. Walsh noted: "Vueling is a great asset and provides a new cultural dimension to IAG. The airline reported an operating profit of €168 million from April 2013, when we acquired it, and expanded its network across continental Europe. To increase capacity while improving profit margins is a tremendous achievement and underlines Vueling's value to the group."

IAG says current capital contracts total €8.7 billion (2012: €4.9 billion) and includes commitments until 2021 for 69 Airbus A320s, 38 Boeing 787s, 18 Airbus A350s, nine Airbus A380s, and two Boeing 777s.

This year IAG says it expects to make steady progress towards an operating profit of €1.8 billion in 2015, despite "relatively flat" unit revenue growth, based on six core strategic objectives: "leadership in IAG's main cities; leadership across the Atlantic; stronger Europe-to-Asia position in critical markets; grow share of Europe-to-Africa routes; stronger intra-Europe profitability; and competitive cost positions across our businesses."

News

Written on 24/05/2017, 20:42
hapag-lloyd-takes-a-big-step-with-uascHAMBURG: May 24, 2017. Hapag-Lloyd and the United Arab Shipping Company (UASC) have completed their merger. Shareholders at the annual general meeting on...
Written on 23/05/2017, 21:03
dhl-adds-rail-link-between-shenzhen-and-belarusSHENZHEN: May 22, 2017. DHL Global Forwarding has launched the first regular LCL and FCL rail service that connects Shenzhen to Minsk in Belarus in less...
Written on 22/05/2017, 19:48
cathay-pacific-launches-restructuring-with-layoffsHONG KONG: May 22, 2017. Cathay Pacific is making 600 head office staff redundant following the announcement in March of a three-year business...
Written on 18/05/2017, 21:59
air-zimbabwe-banned-from-europeBRUSSELS: May 17, 2017. In an update to its Air Safety List, the European Commission has banned Air Zimbabwe from flying to the 28 EU Member States "due...
Written on 17/05/2017, 22:43
russian-logistics-network-signs-development-agreementMUNICH: May 17, 2017. Meeting at the transport logistic trade fair last week, members of Russia's Associated Cargo Experts Alliance (ACEX) and the...
Written on 17/05/2017, 19:41
oman-to-adopt-tir-conventionMUSCAT: May 17, 2017. The International Road Transport Union (IRU) is to support the Oman Global Logistics Group (OGLG) in developing Oman as a major...
Written on 15/05/2017, 21:56
record-port-call-for-savannahSAVANNAH, GA: MAY 15, 2017. COSCO Development, at 13,000 TEU the largest box ship to call at an U.S. East Coast port, moved a record 10,000 containers...
Written on 11/05/2017, 14:24
lufthansa-cargo-still-caring-for-humansMUNICH: May 10, 2017. Lufthansa Cargo has celebrated the 10th anniversary of its employee-inspired humanitarian logistics program Cargo Human Care (CHC)...
Written on 10/05/2017, 20:34
renewed-b-logistics-rebrands-as-lineasMUNICH: May 10, 2017. Less than two weeks after it re-launched itself as Lineas, rail logistics company B Logistics has come to transport logistic in...
Written on 09/05/2017, 21:52
cranes-get-a-lift-from-hansaHAMBURG: May 09, 2017 – Hansa Heavy Lift (HHL) has moved two 870 tonnes cranes from a decommissioned power station at London's port of Tilbury to...
Written on 09/05/2017, 18:49
ups-to-handle-dubai-expo-logisticsDUBAI: May 09, 2017. UPS is to sponsor the logistics for World Expo 2020 Dubai, to be held between October 2020 and April 2021. The company has also...
Written on 09/05/2017, 16:51
cargolux-carrier-of-choice-emirates-skycargoMUNICH: May 09, 2017. Emirates SkyCargo and Cargolux are to share aircraft capacity, networks and respective hubs in Dubai and Luxembourg in a new...
Written on 05/05/2017, 20:30
new-multipurpose-service-links-u-s-and-mediterraneanLEER, Germany: May 03, 2017. Multipurpose vessel operator BBC Chartering is adding ocean capacity between the Mediterranean and the US- East Coast, with...
Written on 04/05/2017, 20:42
royal-schiphol-group-costs-klm-millions-claimAMSTERDAM: May 04, 2017. KLM reported Q1 2017 revenue of €2.2 billion - a 3.3 percent rise over the same period last year. EBITDA increased €14 million to...
Written on 04/05/2017, 19:06
bmw-to-increase-rail-link-to-chinaMUNICH: May 03. China's news agency Xinhua reports BMW plans to increase its use of 'Silk Road' rail networks to ship components from Europe. According...
Written on 03/05/2017, 20:21
ethiopian-provides-support-for-drought-reliefTOULOUSE: May 02, 2017. German NGO humedica e.V and UK non-profit Aviation without Borders have used an Ethiopian Airlines A350 XWB delivery flight to...
Written on 28/04/2017, 19:13
amazon-3rd-party-fulfillment-revenue-up-34-percentSEATTLE: April 28, 2017. Amazon has reported net income of US$724 million on sales of US$35.71 billion for the first quarter of 2017. Results for the...
Written on 27/04/2017, 19:19
ai-to-feature-at-transport-logistic-in-munichMUNICH: April 27, 2017. A survey of German logistics executives says 70 percent of respondents are investigating the use of artificial intelligence...
Written on 27/04/2017, 17:28
hapag-lloyd-best-shipping-line-brandBERLIN: April 26, 2017. Readers of "Logistik Heute" magazine and a panel of experts from the German Logistics Association (BVL), have recognized...
Written on 27/04/2017, 15:54
british-brands-hit-by-brexitLONDON: April 27, 2017. Valuation and strategy consultant Brand Finance says British brands have lost 6.0 percent of their value since the Brexit vote...

- powered by Quickchilli.com -