Air Transport World

Iberia Group. (News Briefs: Europe Report).(financial report)(Brief Article)

Iberia Group credited tight cost controls as it reported annual income of [euro]159.8 million ($172 million) for 2002, triple 2001's net income of [euro]53.1 million. Operating revenues actually dropped 0.8% during the year to [euro]4.7 billion, mainly owing to cuts in capacity and the sale of subsidiary Binter Canarias. Operating expenses, however, fell 6% to [euro]4.45 billion as a result of elimination of wet-lease agreements, production cutbacks, lower unit fuel expense, reductions in commission expense and fewer employees. …

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