IAG reports first half 2017 net profit of €567m

International Consolidated Airlines Group (IAG) reported Group consolidated results for the six months to June 30, 2017. IAG reported second quarter operating profit of €805m before exceptional items (2016: €555m) and profit after tax of €567m (2016: €554m). Passenger unit revenue for the quarter was up 1.5%, up 4.0% at constant currency. Non-fuel unit costs before exceptional items for the quarter was down 0.3%, up 3.5% at constant currency. Fuel unit costs before exceptional items for the quarter was down 10.4%, down 13.2% at constant currency. Oerating profit before exceptional items for the half year was €975m (2016: €710m), up 37.3%, including the adverse foreign exchange impact for the half year of €44m. The Group reported Cash of €7,944m at June 30, 2017 up €1,516m on 2016 year end. Adjusted net debt to EBITDAR improved by 0.4 to 1.4 times.