Iberia's 1Q Results: Losses cut by half

Iberia has reported its first quarter results, which show consolidated losses of 52 million euros - almost half the losses (44%) below the results posted in the same quarter of 2009.

The operating loss of 71 million euros was also smaller, by 52 per cent, coming in at 71 million euros, compared with the 147.3 million recorded in the same quarter last year.

Fleet use increased by 4.1 per cent to 10.5 hours per aircraft/day, and the number of aircraft operated was 9.5% below that of a year ago, with the biggest reductions in the short-and medium-haul segment, the carrier reported.