IAG, the owner of airlines including British Airways, Iberia and Aer Lingus, reported a 27% rise in annual operating profit to 4.4 billion euros.

The group said it would buy back around $1 billion in shares after earnings were boosted by commercial and cargo demand.

(Reuters) -British Airways owner IAG launched a 1-billion-euro ($1.04 billion) share buyback plan on Friday after it reported a 27% jump in annual operating profit, beating market expectations. The carrier reported adjusted operating profit of 4.