Airline giant sees profits slump by over a third amid soaring fuel costs

International Airlines Group (IAG), parent of Iberia, Vueling and Level, reported a sharp profit drop as fuel costs rose. In the three months to the end of June, pre-tax profits fell to €995 million (£852m) from €1.5 billion (£1.3bn) a year earlier. Combined fuel costs and emissions charges climbed €413m (£353m), a 23% increase attributed to the conflict in the Middle East. Revenue was steady at €8.9bn (£7.6bn), but operating profit fell 25% to €1.3bn. IAG said travel demand remains strong, with about 57% of second-half seats booked and long-haul markets positive. Passenger numbers were 57.9 million in the first half.