British Airways’ parent company International Airlines Group (IAG) has revealed a slump in profits of more than a third because of soaring fuel costs. The group reported pre-tax profits tumbling to 995 million euro (£852 million) in the three months to the end of June, from 1.5 billion euro (£1.3 billion) a year earlier. The company’s combined fuel costs and emissions charges rose by 413 million euro (£353 million), representing a 23% spike linked to the conflict in the Middle East. Its revenue was stable at 8.9 billion euro (£7.6 billion), while its operating profit was down 25% to 1.3 billion euro (£1.1 billion). The company also owns the Iberia, Vueling and Level airlines (Steve Parsons/PA)IAG’s pre-tax profits for the six months to June 30 were down 19%, from 1.7 billion euro (£1.5 billion) to 1.4 billion euro (£1.2 billion).