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."

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