BA owner reports profit

LONDON: British Airways owner IAG said it will return €500 million ($528 million) to investors after reporting higher annual profits on Friday, helped by cost-cutting and lower fuel costs.
Europe’s largest airline group said annual operating profit rose 8.6 percent, in line with expectations, sending shares up 2 percent. It said it expected higher profits this year.
IAG’s British Airways transatlantic business, based at London’s Heathrow, has held up well compared to Europe’s highly competitive budget market. Heathrow on Friday reported record passenger figures in 2016.
CEO Willie Walsh was bullish in the face of an announcement by Norwegian Air that it would offer transatlantic flights on 10 new routes, with tickets starting at $65.