IAG's profits take off as British Airways owner announces €1 billion share buyback [Fortune]
INTL CONSL AIRLNS S/ADR (ICAGY)
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iagshares.com
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Source: Fortune
Profit after tax increased three percent to 2.7 billion euros ($3.4 billion) compared with a year earlier, IAG said in a statement. Revenue climbed nine percent to 32.1 billion euros, with the commercial aviation sector having recovered from the turbulent Covid years when airlines were forced to ground planes, triggering a sector-wide jobs cull. “These results highlight the quality of our businesses and effectiveness of our strategy,” IAG chief executive Luis Gallego said in the earnings statement. “We are focused on continuing to make our brands the first choice for customers, by growing our network and enhancing the customer proposition.” The group said it would buy back shares at a cost of up to £1 billion euros, a move that tends to boost a company's valuation. Results for the final quarter of last year also beat market expectations, and IAG shares jumped 3.9 percent at the start of trading in London. “Despite the run-up in share price over the last 12 months, its val
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