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Iberia: Posts earnings of 50.19 million euros in 2001

In 2001 the Iberia<.> Group racked up an operating profit of 4.9 million euros (816 million pesetas), and compared to…

In 2001 the Iberia<.> Group racked up an operating profit of 4.9 million euros (816 million pesetas), and compared to 65.79 million euros (10.946 billion pesetas) posted in the previous year.



The Iberia Group`s net profit after tax obtained 50.19 million euros (8.35 billion pesetas), as compared with the 201.18 million euros (33.47 billion pesetas) posted in 2000.



Until the end of August, Iberia reached its objectives, achieving higher growth and margin rates than its competitors.



After the September 11 events, early forecast operating losses were estimated between 24 and 48 million euros (4 – 8 billion pesetas)



The group`s decisive and rapid reaction afterwards, cutting capacity and costs under a contingency plan, made possible this change of trend. In addition, business in December surpassed expectations, and Iberia reported with a better load factor than in the same month a year ago.



Iberia Group revenues totaled 4.736 billion euros (nearly 788 billion pesetas), up 5.5% from 2000, with a supply increase of 7.7%, two points below the forecast, due to the cuts made in the fourth quarter. Total demand grew by 3.3%, two points under the rate marked through September, because of the 3% drop in demand in the final quarter.



Expenses rose to 4.73 million euros (more than 787 billion pesetas), reflecting a 7% increase over the previous year. However, the group managed to hold non-fixed costs well below initial projections -payroll costs were up by only 1.9% in the year, nearly two points below forecasts.



Sales costs edged up by 1%, while passenger revenues grew by 6.9%. Fuel costs were up by 10.5%, ten points below initial estimates, thanks in part of the steep decline in fourth-quarter crude prices, but chiefly to a carefully-designed hedging policy which yielded savings of more than 30 million euros (5 billion pesetas) in 2001. But hikes in insurance costs in the last quarter led to an unforeseen additional charge of nearly 18 million euros (3 billion pesetas).

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