Iberia met analyst forecasts as it swung to a nine-month net profit from steep losses a year ago, thanks to a recovery in business travel on long-distance flights and strict cost control.
Net profit for the Spanish airline, which is merging with British Airways, reached €53 million, while revenues grew 7 per cent to €3.57 billion.
Operating losses narrowed to €1 million from a record loss a year ago in the nine months, but it swung to an operating profit of €71 million in the third quarter.
BA is also reporting third-quarter results today.
Rival Lufthansa said yesterday it expected business to remain strong into 2011 after demand for international premium class travel and cargo services improved in the third quarter.
Reuters
