IAG, the owner of British Airways and Iberia, said its fuel costs are up more than 30% in the quarter. (Reuters pic)LONDON: IAG, the owner of British Airways and Iberia, said Friday that its net profit dropped more than 12% in the third quarter on soaring fuel costs and flight disruptions caused by the Middle East conflict.
Profit after tax fell to €1.23 billion (US$1.37 billion) in the July-September period compared with €1.4 billion for the third quarter of 2025, IAG said in a statement.
"Strong pricing was offset by lower capacity, the impact of one-off disruption events, and, in particular, higher jet fuel prices," IAG said, with its fuel costs up more than 30% in the quarter.
IAG chief executive Luis Gallego said the company had delivered a "resilient quarter... despite the very high price of jet fuel and a number of one-off disruption events".
