International Airlines Group, the parent company of British Airways, reported a slump in pre-tax profits of more than a third for the second quarter, falling to 995 million euro from 1.5 billion euro a year earlier. The decline was driven by a 23% spike in combined fuel costs and emissions charges, which rose by 413 million euro, linked to the conflict in the Middle East. Revenue was stable at 8.9 billion euro, while operating profit dropped 25% to 1.3 billion euro. Chief Executive Luis Gallego said the group has excellent fundamentals and is well positioned to deal with near-term headwinds, with demand for travel expected to remain strong. For the first half, pre-tax profits fell 19% to 1.4 billion euro on revenue of 16.1 billion euro, as 57.9 million passengers flew on its airlines, which also include Iberia, Vueling, and Level.
International Consolidated Airlines Group S.APre-tax profits fell more than a third due to higher fuel costs and emissions charges.