Iberia Swings To 9-Month Net Profit

October 29, 2010

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Spain's Iberia swung to a nine-month net profit from steep losses a year ago, thanks to a recovery in business travel on long-haul flights and strict cost control.

Net profit for the airline, which is merging with British Airways, reached EUR€53 million (USD$73.56 million), while revenues grew 7 percent to EUR€3.57 billion.

Operating losses narrowed to EUR€1 million from a record loss a year ago in the nine months, but it swung to an operating profit of EUR€71 million in the third quarter.

Rival Lufthansa said on Thursday it expected business to remain strong into 2011 after demand for international premium class travel and cargo services improved in the third quarter.