For the six month period ended 30 June 2023, the Group recognised a profit before tax of £527 million (2022: loss of £524 million).
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Boeing posted a narrower loss and bigger sales than analysts expected. The company generated $2.6 billion of free cash flow in the quarter, ahead of analyst forecasts. Boeing's defense, space and security unit reported a loss of $527 million for the quarter, compared with an operating profit of $71 million a year ago.
The group's operating profit in 2022 was 1.22 billion euros ($1.29 billion) and overturned two years of COVID-driven losses. CEO Luis Gallego said IAG, which also owns Iberia, Vueling and Aer Lingus, was seeing robust forward bookings. Net debt came down to 10.38 billion euros from 11.6 billion in 2021.
The most profitable passenger airline in North America in 2022 was Delta Air Lines, with operating revenue of almost 50.6 billion U.S. dollars, followed closely by American Airlines, with nearly 49 billion U.S. dollars in revenue.
In the U.K., there are lots of airlines that operate cheap domestic flights. These airlines include easyJet, which is a low-cost carrier and one of the most popular affordable airlines in the U.K., as well as Ryanair, and Loganair (Scotland).
British Airways' fight for survivalHowever, the company has been on its rebound path since the last months of 2020. As of 2022, the revenue of British Airways jumped from 3.7 billion to 11 billion GDP. Consecutively, the reported net profit amounted to 61 million GDP.
Many airlines have decided to ground their Boeing 737 Max fleets. Some safety regulators have outright banned the plane from entering their airspace. According to Moody's, Boeing's operating profit margin is $12 million to $15 million on every 737 Max it delivers.
Qatar Airways becomes biggest shareholder in B.A. and Iberia holding company IAG. Qatar Airways has lifted its stake in IAG to 20 percent, following its recent investments in LATAM and Italy's Meridiana.
British Airways is the flag carrier of the United Kingdom. Despite that nationalistic sounding tag, British Airways is not a state-owned airline, although it once was. British Airways was privatised in the late 1980s and nowadays is wholly owned by IAG, an Anglo-Spanish airline consortium.