BA owner reports rising profits

<p>Profits are up at the owner of British Airways.</p>

The company that owns British Airways (BA) has confirmed a rise in profits for the third quarter of the year.

International Airways Group (IAG) revealed that the recovery of Spanish airline Iberia has boosted its financial position during the July to September period.

Pre-tax profits for the quarter were announced as 609 million euros (£507 million), which was a substantial rise from 237 million euros a year ago.

IAG's chief executive Willie Walsh revealed that although performance is up at Iberia, it still has some way to go to complete its turnaround.

He said: "The airline must continue to implement its restructuring plan and reach agreement on productivity changes to bring about long-term sustainable profits and growth."

BA's own profits were up to 477 million euros, compared with 268 million euros for the same quarter in 2012.

On the back of the news, the share price of IAG is up today (November 8th). At 11:31 GMT, its stocks were trading over 5.7 per cent up for the session.

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