BA owner announces profits

<p>IAG owns both British Airways and Iberia.</p>

The share price of British Airways owner IAG has fallen this morning (February 28th) despite the company confirming it bounced back to make a profit last year.

Full results for 2013 have been released by the firm and show it recorded a profit of 527 million euros (£433 million) last year, which is massive progress when compared with the losses of 613 million euros that were recorded the previous year.

"In 2013, we strengthened the group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' revenue performance," group chief executive Willie Walsh said.

Speaking to BBC News, he added that this has led to a strong financial recovery for the firm, as well as a return to profitability, with a turnaround of nearly 800 million euros in the last 12 months.

Despite this, stocks in the airline operator fell this morning on the back of the news. By 11:41 GMT, the share price of IAG was down by 3.32 per cent compared to the start of the trading session on the London Stock Exchange.

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