IAG sets deadline for Iberia restructuring deal

LONDON (AP) ? International Airlines Group has set a Jan. 31 deadline for unions at Spanish carrier Iberia to come to terms on restructuring as it reported an 11 percent drop in third-quarter profit.

In a statement released Friday, Iberia CEO Rafael Sanchez-Lozano said the carrier is losing money in all its markets and "is in a fight for survival."

If agreement isn't reached with unions, IAG said there will be deeper cuts and a more radical reduction in Iberia's operations.

For the three months to Sept. 30, IAG reported a net profit of ?237 million ($302 million) compared to ?267 million a year earlier. Revenue was up 11 percent but expenditure on operation increased by 14 percent.

IAG said Iberia's nine-month losses ate up most of the profits from British Airways.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-11-09-Britain-Earns-International%20Airlines%20Group/id-f369f34585f14940b21457ec1c623a9e

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