Iberia losses increase by 58pc to EUR 16 billion
10 May 2005, MADRID — Spanish airline Iberia reported a net loss of EUR 16.01 billion in the first quarter, an increase of 58.7 percent from a loss of EUR 10.7 bn in the same period of last year.
10 May 2005
MADRID — Spanish airline Iberia reported a net loss of EUR 16.01 billion in the first quarter, an increase of 58.7 percent from a loss of EUR 10.7 bn in the same period
of last year.
The fall reflected in part a contribution of exceptional profits of EUR 9.5m in the comparable period last year.
Analysts had expected the results to include a capital gain of EUR 62m euros from the sale of Amadeus Global Travel Distribution SA de Savia, representing Iberia's interest in leading world travel booking service Amadeus.
But Iberia did not include the gain in the quarterly profit.
The first quarter is usually not the strongest for Iberia which raised net profit last year by EUR 52.4 percent to EUR 218.4m from EUR 143.5m in 2003.
An operating loss in the first quarter was reduced by 13.2 percent from the equivalent figure last year to EUR 31.1m, despite a 30.6-percent increase in fuel costs.
In the first quarter of this year sales fell to EUR 1.18bn from EUR 1.13bn in the same period of last year. This was in line with a range forecast by analysts.
Operating profit rose by 45.3 percent in the quarter to EUR 169.53bn from EUR 116.66m, exceeding the range expected by analysts of EUR 105-110.1m.
In the first quarter, the occupancy rate on flights was 74.8 percent, an increase of 1.2 percentage points.
Occupancy on long-distance routes rose to a record figure of 85.2 percent, a rise of three points.
[Copyright EFE with Expatica]
Subject: Spanish news