IAG released its full-year results for 2016, showing a 29% rise in net profit to E1.95b (US$2.06b). Operating profit before exceptional items for the year to end Dec 2016 came in at E2.53b, an 8.6% rise on 2015. Total revenue was E22.57b, a 1.3% dip, but operating costs were also down at E20.08b, a 2.4% improvement. Fuel unit costs before exceptional items were down 26.8%. IAG CE Willie Walsh said it “was a good performance in a challenging environment,” but it was “affected by an adverse currency impact of E460m. In particular, this was due to the weak pound following the UK's EU referendum.” IAG carried 100.6m passengers, the first time it has surpassed 100m. It was also the first full year of Aer Lingus contributing to the number after joining the group in Aug 2015. <br/>
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IAG has shuffled the delivery schedule of new twin-aisle aircraft, having previously indicated that it was reviewing its long-haul fleet development. The company states that it has outstanding commitments to 43 Airbus A350s, among them 18 A350-1000s, for delivery in 2018-22. It is also taking 18 Boeing 787s – including 12 of the new 787-10 – over 2017-21. IAG had disclosed last November that it was reviewing the long-haul fleet plan ,and CFO Enrique Dupuy said negotiations with Airbus and Boeing had been a “full success”. Dupuy says the talks were “not about cancellations” but about “moving the pattern of deliveries” for the A350s and the 787-10s. “We have achieved our goals,” he says. “We’re now confident in the numbers, the figures and the timing.” <br/>
The union representing ‘mixed fleet’ cabin crew at British Airways have called a further round of strikes for March. The Heathrow-based mixed fleet crew, which makes up about 15% of the airline’s total cabin crew numbers, will strike for 7 days, from 00:01 Friday March 3 to 23:59 Thursday March 9th. The announcement comes as the same group are currently on strike until Saturday Feb 25th. It also comes on the same day IAG Group reported a rise in pre-tax profits by nearly a third to GBP2b, the Unite union said. “It is clear from today’s GBP2b rise in IAG’s pre-tax profits that British Airways can afford to address low pay among its mixed fleet cabin crew and settle this dispute,” Unite’s national officer Oliver Richardson said. British Airways said that all passengers will reach their destinations during the strike. <br/>