British Airways - Iberia merger reports strong profitsFebruary 29, 2012 - 13:37 AMT PanARMENIAN.Net - International Consolidated Airlines Group, the company formed from the merger of British Airways and Iberia, saw its profit grew more than five-fold in its first full year of combined operations, AP reported. The company said Wednesday, February 29 that it had generated a net profit of €555 million ($746.7 million) compared to €100 million in 2010. Passenger revenue was up 11 percent to €13.7 billion. Fuel costs rose 30 percent to €5.1 billion. In the three months ending in December, IAG says net profit was up 141 percent to €217 million and passenger revenue was 7.3 percent higher at €3.4 billion. Chief Executive Willie Walsh says British Airways benefited from a strong North Atlantic market but added that Iberia was struggling in a highly competitive market because of its high cost base and what he called outdated work practices Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |