BA-IB tails. Photo: By Rob Finlayson. International Airlines Group, formed by the merger of British Airways and Iberia in January, reported a first-quarter net profit of €33 million ($48.7 million), turned around from a pro forma net deficit of €243 million in the year-ago period. Net income includes an €83 million book gain related to the acquisition of IB and an €80 million tax credit. "These are the first-ever IAG results and they show an improved ...

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