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Summary In the three months ending in December, IAGs net profit was up 141 percent to 217 million.
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.The company said Wednesday 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but added that Iberia was struggling in a highly competitive market because of its high cost base and what he called outdated work practices.
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