Air Transport World

Iberia Group. (Europe Report).(Brief Article)(Statistical Data Included)

Iberia Group's second-quarter income rose 7.8% to [euro]75.9 million ($74.2 million) from [euro]70.4 million earned last year. The airline said results were "substantially better than forecasted" and among "the best of the decade." Operating revenues dropped 2.7% to [euro]1.25 billion while operating expenses fell 6% to [euro]1.43 billion, resulting in operating income of [euro]111 million, up 50.8% over 2001. For the six months ended June 30 Iberia reported net income of [euro]69.8 million, up from [euro]4. 1 million last year. Lowering operating costs was described as "this year's principal priority" and is being accomplished mostly through headcount reductions, capacity cuts, elimination of wet leases and other measures included in the Rationalization and Cost Optimization Plan. …

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