Air Transport World


Iberia Group, which moved to the new [euro]6 billion Terminal 4 at Madrid Barajas in February, reported "all-time best" net income of [euro]395.6 million for 2005, practically doubling the [euro]199.9 million earned in 2004. Yet bottom-line figures do not tell the whole story; excluding special gains from the sale of its stake in Amadeus and its agency reservations system Savia, results would have declined, as full-year EBIT slumped 36% to [euro]116.4 million. It attributed the decrease largely to fuel price hikes and weak yields and said it achieved the cost savings targets outlined in its Director Plan 2003-2005.

Performance also deteriorated in the 2006 first quarter as the company reported a group net loss of [euro]45 million, sharply higher than the [euro]16. …

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