International Airlines Group, the merged entity comprising British Airways and Iberia, is scrapping two Boeing 747-400 aircraft.

It reveals the decision in its first financial statement since the tie-up was completed last month.

IAG says it is taking a charge of €19 million ($26 million) against the two aircraft in the quarter to 31 December.

In year covering 1 January to 31 December 2010 the carriers posted a combined operating profit of €225 million.

IAG's fourth-quarter operating profit would have been €196 million, it says, but for weather and air traffic control disruption - which reduced revenues by €71 million - and a number of non-recurring items, including the 747 charges.

These brought the quarterly operating profit down to just €6 million, although the figure was an improvement on the €114 million loss in 2009.

Source: Air Transport Intelligence news