"a good long haul product?
SLF3 Quote:-"Iberia have a good long haul product (better seats than TAM, everything else equal) and operate out of a first class hub airport. Their niche (South America) is booming. They should make money."
Either you don't get out much or you and I went on different Iberias.
I have travelled with Iberia to S. America several times. Their food is decidedly average and the IFE (A340-600) was pathetic, even in Business class. LAN beats them in every way. Given the choice I would opt for LAN every time - I've never tried TAM, I don't buy the tickets.
As for a first class hub, Madrid is a pain in the a..e through which to transit. Heathrow is probably worse but Madrid, although a nice airport, is far from a first class hub, as far as transitting is concerned. Sadly it seems that the only direct flights to S.America from U.K. are to Buenos Aires, Sao Paulo and Rio so a transit through MAD, AMS, CDG, FRA or MUC is necessary. BA and Iberia being owned by IAG does not make a lot of difference to passenger convenience, despite the hype.
However, you are correct, Iberia should be making loads of money on the S.America routes. The flights are always full, but I suspect that they are also the cheapest.