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Iberia's year net profits down 74 pct

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Iberia's year net profits down 74 pct

Old 28th Feb 2002, 22:51
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Arrow Iberia's year net profits down 74 pct

MADRID, - Spanish airline Iberia reported on Thursday a 74 percent fall in annual net profits to 53.1 million euros last year, hit by the market slowdown following the September 11 attacks on the United States.

The fourth quarter saw a net loss of 88.3 million euros, compared to a net profit of 44.8 million in the same period the year before.

Earnings before, interest, tax, depreciation, amortisation and aircraft rentals (EBITDAR) rose 9.5 percent in the year to 655.3 million euros but fell 25 percent in the last three months of the year to 112.95 million.

Its net attributable profit was 50.2 million euros, confirming provisional data given in January.

Operating profits fell 92.6 percent to 4.9 million euros on revenues of 4.74 billion euros, up 5.6 percent and unchanged from provisional data.

Both fell in the last quarter when Iberia made an operating loss of 31.9 million euros compared with a profit of 3.4 million the year before.

<a href="http://luchtvaart.pagina.nl" target="_blank">Airline Industrie News</a>
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