IAG returns to profit in 2022 and plans to continue growing this year

LONDON, Feb 24 (Reuters) – IAG, the owner of British Airways, on Friday announced significantly better financial results for the full year 2022, with operating profit of 1.22 billion euros (1 $.29 billion), after saying profits would rise further this year. .

The results come after IAG on Thursday agreed to pay 400 million euros ($423.84 million) to Spain’s Globalia for the remaining 80% of the airline Air Europa that it did not already own.

The acquisition follows IAG’s belief that travel demand will continue to recover from the impact of COVID-19.

By 2023, the airline group, which also owns Iberia, Vueling and Aer Lingus, forecasts a profit of between 1,800 and 2,300 million euros, 88% more than in 2022, at the high end of the range. .

“2022 has been a year of strong recovery, driven by sustained holiday demand and the re-opening of markets. global macroeconomics,” IAG CEO Luis Gallego said in a statement. .

(1 dollar = 0.9439 euros)

(Reporting by Joanna Plucinska; Editing by Sarah Young;