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Oil price drop blows hole in IAG profits

Oil price drop blows hole in IAG profits

International Consolidated Airlines Group’s (IAG) first-quarter pre-tax profits were hit by a €1.3bn (£1.1bn) exceptional charge relating to its fuel and foreign-exchange hedges for 2020, following the collapse in the price of oil. The parent of British Airways and Iberia experienced a 13 per cent revenue decline to €4.6bn, recording a pre-exceptional operating loss of €535m compared with a profit of €135m last year.

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