Air Transport World

Iberia.(Europe)(Brief Article)

According to Citigroup Smith Barney, "Iberia is the highest quality European flag carrier in terms of balance sheet strength." Iberia Group had a 2003 net cash position in excess of 700 million [euro] ($879.2 million) and a gross cash position of around 1.3 billion [euro]. For the eighth consecutive year it posted a net profit and for full-year 2003 an EBITDAR margin of 15.2%. Group total operating revenue was 1.7% down on the previous year. Load factor hit historic levels and traffic growth more than tripled the capacity increase of 1.3%. This month the airline is launching thrice-weekly service from Madrid to Montevideo, bringing its Latin American destinations to 20.

The Spanish carrier is in the midst of its so-called Director Plan 2003-2005, which targets 350 [euro]-400 [euro] million in annual cost savings by 2005. …

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