BA and Iberia owner swings back into profit in 2013

                      

                       Willie Walsh said BA had solid revenues

British Airways owner IAG bounced back into profit in 2013, fuelled by BA and Spanish budget airline Vueling.

The group posted a profit of 527m euros (£433m) in 2013, compared with losses of 613m euros the previous year.

Although Spanish carrier Iberia, it had made "huge progress" because of restructuring, the group said.

British Airways had solid revenues and benefited from extra slots at Heathrow and the integration of BMI, group chief executive Willie Walsh said.

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

"This has led to a strong financial recovery and return to profitability, with a turnaround of nearly 800m euros."