Soaring fuel costs hit profit at British Airways owner IAG
- IAG’s nine-month pre-tax profit fell 16 per cent to €3bn.
- Fuel costs rose 19 per cent to €6.4bn.
- IAG has hedged 45 per cent of its 2027 fuel needs.
IAG, the parent company of British Airways, reported lower profits as jet fuel prices rose sharply following disruption to oil exports through the Strait of Hormuz amid the Middle East conflict. The increase matters because airlines expect fuel costs to keep rising into next year, when they will…