IAG reports full year 2016 profit up 29%

International Airlines Group reported operating profit before exceptional items for the year to December 31, 2016 of €2,535m (2015: €2,335m), up 8.6%. Net foreign exchange operating profit impact for the year adverse €460m. Revenue for the year was down 1.3% to €22,567m and passenger unit revenue for the year was down 5.4% at constant currency. Cash of €6,428m at December 31, 2016 was up €572m on 2015 year end. Adjusted net debt to EBITDAR improved 0.1 to 1.8 times. IAG reported profit after tax of €1,952m up 28.8% compared to the previous year.