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PA

IAG, which owns British Airways and Iberia, says the weak pound hit ultimate yr earnings by 460m euros (£388m).

Pre-tax earnings have been 2.4bn euros earlier than distinctive gadgets, up 32.7% to 31 December 2016.

Willie Walsh, IAG’s chief government, mentioned: “It was a very good efficiency in a difficult surroundings with an working revenue of two.5bn euros earlier than distinctive gadgets.”

That is up eight.6% from final yr consistent with expectations.

Income was down 1.three%, whereas income per passenger fell 5.four%.

The airline group mentioned it meant to hold out a share buyback of 500m euros throughout the course of 2017.

Mr Walsh mentioned regardless of the weak pound following the Brexit vote, IAG had continued to make good progress.

“In 2016, we carried greater than 100 million passengers – double the quantity British Airways and Iberia carried in 2010, a yr earlier than IAG was created,” he added.