Iberia drags IAG into the red

Iberia drags IAG into the red
By admin


Troubled Iberia has dragged British Airways' parent company into the red as International Airlines Group (IAG) posted a near one billion loss in the year to December.

While British Airways itself made an operating profit of 347 million Euros, Iberia suffered a 351m Euro loss.

IAG also faced impairment and restructuring costs of 545m Euros relating to the Spanish carrier.

IAG chief executive Willie Walsh insisted the deal for Iberia will have long term benefits.

"We have embarked on a significant transformation program in Iberia and these results emphasise further that the airline must adapt to survive," he said. "It must stem its cash losses and adjust its cost base permanently if it is to compete with other airlines in all its strategic markets and lay the foundations for profitable growth in the future."

Latest News

  • Luxury

COMO launches new family-sized farmhouse in the heart of Tuscany

COMO Hotels and Resorts has launched its new farmhouse apartments in the heart of Tuscany, just in time for Australians to escape our wet winter. And it’s also an ideal time for Aussies of Italian ancestry to explore their home country as 2024 has been declared the year of Roots and Heritage Tourism by the […]

  • Destinations
  • News

New Caledonia in lockdown and airport closed after violent riots rock Noumea

New Caledonia officials have announced a 6pm-6am curfew, a liquor ban and have closed the country’s main airport after overnight riots in which vehicles were torched and roads blocked in the wake of proposed constitutional reforms. Australian Government website Smartraveller has issued an alert informing visitors to exercise a high degree of caution in metropolitan […]