Iberia heads into red for first time in 13 years
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Spanish flag-carrier Iberia is heading for its first annual years in 13 years as a fall in business class traffic and a price war in economy erode margins.
Chief Executive Fernando Conte warned shareholders that passengers travelling business had fallen 20% year-on-year due to a sharp fall in business travel on its routes from Madrid to London and Latin America.
He said: “We are going through the worst global economic crisis we have ever seen, and our revenues and profits are being seriously affected.”
Conte’s bleak outlook follows shortly after British Airways also disclosed its unprecedented conditions that had left it in “a fight for survival” with a record annual loss of
Comments are closed.