International Consolidated Airlines Group, the company formed from the merger of British Airways and Iberia, saw its profit grew more than five-fold in its first full year of combined operations, AP reported.

The company said Wednesday, February 29 that it had generated a net profit of €555 million ($746.7 million) compared to €100 million in 2010.

Passenger revenue was up 11 percent to €13.7 billion. Fuel costs rose 30 percent to €5.1 billion.

In the three months ending in December, IAG says net profit was up 141 percent to €217 million and passenger revenue was 7.3 percent higher at €3.4 billion.

Chief Executive Willie Walsh says British Airways benefited from a strong North Atlantic market but added that Iberia was struggling in a highly competitive market because of its high cost base and what he called outdated work practices