Iberia records worst year in history

IBERIA’S results for 2009 show it was one of the most difficult years in the airline’s history. The Spanish carrier, which is finalising the details of a merger with British Airways, said it recorded a net loss of €273 million (US$368 million) for 2009, compared with profits of €32 million ($43 million) in 2008 and after 13 consecutive profitable years. It also carried 12 per cent less cargo than in 2008.

Operating income plunged 19.1 per cent while operating expenses fell by 11.9 per cent to €4,873 million ($6613 million), due in part to the 28.9 per cent reduction in fuel bills, thanks to lower prices and smaller purchases.

The average staff level was trimmed by 4.2 per cent to 20,671 people. Fleet utilisation rose 3.7 per cent to an average of 10.3 hours/day per aircraft, thanks to a fleet reduction of 10 aircraft by cancelling leasing agreements, the postponement of new deliveries and the mothballing of some units. At the end of 2009 Iberia had 109 aircraft in service.

Share this story