News / Business by Press Association 28/02/2019, 8:01 am Send us a story Sign up to our Daily newsletter British Airways owner International Consolidated Airlines Group (IAG) has posted rising revenue and profit despite an adverse impact from foreign exchange rates and higher fuel costs. The company reported a 6.7% increase in revenue to 24.4 billion euros (£20.88 billion) for 2018. Profit before tax was up 9.8% to 3.04 billion euros (£2.6 billion). However, foreign exchange rates had an adverse impact of 129 million euros (£110.35 million) during the year. Passenger unit revenue – a key industry metric measuring the profitability per available seat – inched up just 0.1% during the period. But with currency effects stripped out, the increase was 2.4%. Meanwhile, fuel unit costs climbed 8% thanks to last year’s oil price rally. Asked whether IAG’s airlines had been hit by costs from Brexit on BBC Radio 4’s Today programme, chief executive Willie Walsh said: “There are issues from Brexit that we need to address, but these are issues that the industry at large – and certainly IAG – can address without too much concern.” He added: “We remain confident that there will be a comprehensive air transport agreement… Read full this story
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