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International Airlines Group reports big jump in profit for 2014

Xinhua, February 27, 2015 Adjust font size:

International Airlines Group (IAG), the owner of British Airways, announced Friday that its 2014 operating profit was 1.39 billion euros (about 1.56 billion U.S. dollars), nearly double that of the prior year's 770 million euros.

The group's revenue for the year was up by 8.0 percent to 20.17 billion euros, said IAG. Its operating profit in the fourth quarter of 2014 was more than double that of a year earlier, data showed.

Wille Walsh, IAG's chief executive officer, said the reasons for the booming growth saying, "We achieved a strong unit cost performance, down 4.1 percent, through increased productivity, supplier cost savings and lower fuel unit costs," in a statement.

Fuel unit costs for the year were down by 7.8 percent, and non-fuel unit costs before exceptional items were down by 1.9 percent, data showed.

At the end of December 2014, IAG's cash was 4.944 billion euros, an increase of 1.311 billion euros from figures logged at 2013's year end.

The airlines giant last month launched a 1.36-billion-euro takeover bid for Irish airlines Aer Lingus. Endit