Register | Forgot Your Password? | Close

LONDON (AP) - International Airlines Group, which owns British Airways and Iberia, lost (EURO)923 million ($1.2 billion) last year on restructuring costs and writedowns on the value of its Spanish unit.

The net loss announced Thursday compares with a profit of (EURO)412 million the year before.

Chief Executive Willie Walsh says Iberia must adapt to survive, a point he underscored by saying it must stem losses and permanently adjust its cost base.

He added that three months of negotiations with Iberia's trade unions had failed to produce an agreement on a restructuring plan. IAG has started a formal process that will eliminate about 3,800 jobs. IAG had given unions until Jan. 31 to reach agreement on the job cuts.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus