British Airways owner IAG sees profits hit by soaring jet fuel costs

Summary

International Airlines Group (IAG), the owner of British Airways, saw its profits hit by soaring jet fuel costs, the Evening Standard and The Independent reported on Friday 6 November. IAG said pre-tax profits fell 12.9% to 1.63 billion euros (£1.33 billion) in the three months to September 30, according to the two outlets, which also headlined that the British Airways owner was hit by fuel costs and an up to £25m air traffic chaos bill, IAG estimating that the Nats incident on September 8 cost it between 25 million euros (£20.5 million) and 30 million euros (£24.6 million). City A.M. reported that IAG had taken a hit to its profit due to 'very high' jet fuel prices, which industry bosses have warned could force some airlines into collapse next year, the London-listed firm also owning the airlines Vueling and Aer Lingus.

Latest: International Airlines Group (IAG), the owner of British Airways, said pre-tax profits fell 12.9% to 1.63 billion euros (£1.33 billion) in the three months to September 30, its profits hit by soaring jet fuel costs, and estimated that the Nats incident on September 8 cost it between 25 million euros (£20.5 million) and 30 million euros (£24.6 million), the Evening Standard and The Independent reported.

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