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BA owner announces stock buyback after better than expected profit
British Airways parent IAG plans to buy back up to €1 billion in stock after posting a healthy profit.
Profit was up to €2.7 billion for the year, with overall revenue up 9% to €32.1 billion.
Beating analysts’ consensus, the operating profit was up 22%.
IAG said demand remained strong, with passenger traffic up to 122 million and average load factor at 86.5%.
“These results highlight the quality of our businesses and effectiveness of our strategy,” CEO Luis Gallego said.
It revealed plans for a €1 billion buyback while declaring a share dividend.
However, it is not all rosy.
IAG warned that British Airways’ short-term passenger growth will be affected by delays in new aircraft deliveries as well as its ongoing engine maintenance issues.
Because of the latter, BA has cut routes including transatlantic services.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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