BA Owner IAG Hit By Iberia Performance

IAG - the company formed by merging BA and Iberia - made an operating profit of just £13.5m in the nine months to September 30.

The results show Iberia is the weak link in the group, making a standalone operating loss of £209m in the period, while BA contributed operating profits of £228m.

IAG has announced a transformation plan for Iberia, which will result in 4,500 job losses at Iberia.

Iberia's fleet is being downsized by 25 aircraft and its routes are being cut by 15% in 2013, to concentrate on those which are most profitable.

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