British Airways owner IAG's profits surge despite IT meltdown


IT chaos hit British Airways today

IAG said that operating profit for the six months to June 30 was 975 million euros, up 37.3 per cent compared to the previous year.

The owner of British Airways reported a sharp jump in first half profits, beating analysts' estimates as it shrugged off an IT glitch that left tens of thousands of passengers stranded in May.

Revenue edged up 0.9% to 10.9 billion euros (£9.7 billion).

"The underlying trend in unit revenue improved, benefiting partially from Easter and a weak base past year", added Walsh.

IAG also said it doled out 65 million euros (£58 million) in additional compensation fees and baggage claims related to the IT meltdown over the spring bank holiday weekend.

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"The underlying trend in unit revenue improved, benefitting partially from Easter and a weak base a year ago". These costs include the financial impact of the power failure which affected British Airways' customers.

Revenue was up 0.9 per cent at €10.9bn (£9.7bn) in the first half, compared with €10.8bn this time a year ago, with passenger revenue rising 0.4 per cent to €9.6bn. In March launched Level, a new long-haul, low-priced airline brand.

The IAG results also show Aer Lingus made a profit of €59m between January and June, which was up from €42m for the same timeframe in 2016.

He added: "In June, Level started long-haul flights from Barcelona to four destinations".

"We've ordered three additional aircraft and are considering other European bases for the operation", said Walsh.

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