By Daniel Hunter

The owner of British Airways, IAG, has upgraded its profit forecast for the year by 30% after strong third quarter results.

IAG reported profits of €900m (£708m) in the three months to the end of September, an increase of more than €200m from last year.

It now expects full-year operating profits to be between €550m-€600m, up from initial forecasts of €500m.

IAG chief executive Willie Walsh, said: "We continued to grow capacity efficiently and both our non-fuel and fuel unit cost performances were strong with the latter boosted by the introduction of new, more efficient aircraft into our fleet."

In addition to British Airways, IAG also owns Spanish airlines Iberia and Vueling.

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