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Iberia Losses Wipe Out BA Profits

Iberia Losses Wipe Out BA Profits

International Consolidated Airlines Group has presented its consolidated results for 2012, which show that, before exceptional items, British Airways made an operating profit of €347 million while Iberia made an operating loss of €351 million.

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The operating loss for the year to 31st December 2012 was €23 million before exceptional items (2011: operating profit €485 million). After exceptional items operating loss for the year not including Iberia restructuring and impairment was €68 million, compared to IAG’s guidance in November of €120 million.

Revenue for the year was up 10.9% to €18,117 million (2011: €16,339 million), including €872 million or 5.4% currency impact. Passenger unit revenue for the year was up 9.4%, on top of volume increases of 2.8%.

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NEIL STEEDMAN has been a trade journalist, editor and proofreader for 53 years, and ITTN's News & Features Editor for 43 years. His travel blog is at www.thetravelbuddhist.com.

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