Spanish airline Iberia posted a €32.2 million operating loss in the first half it said today, due to high fuel costs and tough competition.
That compared to an operating profit of €69 million a year earlier.
The company, which is in talks to merge with British Airways, made sales of €2.67 billion - in line with forecasts, net profit of €20.7 million, a 72 per cent fall and earnings before interest, tax, depreciation and aircraft rentals (EBITDAR) of €259 million.
Analysts forecast net profit of €16.3 million and EBITDAR of €279.8 million.