Published January 13, 2015
International Airlines Group, which owns British Airways and Iberia, says it is still struggling to integrate the Spanish airline into its operations as it reported a deepening first-quarter net loss of 630 million euros ($827 million) compared to a 129 million euros loss last year.
CEO Willie Walsh says that despite 10 days of industrial action and the weak economic situation in Spain, IAG is adapting — though he acknowledged much more needed to be done.
The company, Europe's third largest by market value, posted an exceptional charge of €311 million in the quarter, principally relating to restructuring at Iberia.
The results come after unions accepted a mediator's proposal reducing the number of planned layoffs to some 15 percent of Iberia's workforce.
https://www.foxnews.com/world/iag-parent-of-ba-after-tax-losses-at-630-million-euros-in-1q-as-iberia-drags-down-profits