IBERIA BACK IN THE BLACK

Iberia has posted consolidated net profit of €74 million ($103 million), from a €16 million deficit for the same period last year. Revenues increased by 15.8% to €1.35 billion. Operating expenses rose at a much lower rate of 4.1% to €1.27 billion with fuel costs down 2.2% on the year-ago period. EBIT was €71 million reversed from a €54 million loss in the year-ago period. Passenger revenue grew 13.5% to €1.02 billion. Freight revenue was up by 34.5% on both higher rates and 16.9% traffic volume growth while revenue from its MRO activities was up 33.7%.