British Airways Parent IAG Reports Profit on Spanish Revamp

British Airways parent IAG SA reported an operating profit in the second quarter following a year-earlier loss as the overhaul of its Spanish Iberia subsidiary takes hold and it saw improvements in the U.K.

Profit before one-time items reached 245 million euros ($324 million), compared with a 4 million-euro loss in the year-earlier period, London-based International Consolidated Airlines Group SA said in a statement today. British Airways accounted for a profit of 247 million euros, while Iberia paired its loss to 35 million from 93 million euros.