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IAG Q3 Profit Slides; To Axe 4,500 Jobs In Iberian Unit

11/9/2012 2:23 AM ET
International Consolidated Airlines Group or IAG's (BAY.L,BAIRY.PK,IAG.L) third-quarter pre-tax profit from continuing operations slipped to 221 million euros, from last year's 316 million euros, while excluding exceptional items, it declined to 228 million euros, from 332 million euros in the comparable quarter in 2011.

Quarterly operating profit totaled 263 million euros, down from 351 million euros a year earlier.

However, total revenue was 5.06 billion euros, up 12.6% from 4.49 billion euros in the prior-year quarter.

For the third quarter, IAG's Group traffic, measured in Revenue Passenger Kilometres or RPK, improved 4.9% to 49.34 billion, from 47.02 billion last year. Group capacity, measured in Available Seat Kilometres, for the month was 58.26 billion, up 4.7% from the year-ago period's 55.66 billion. Seat factor for the quarter rose 0.2 points to 84.7%.

Separately, IAG announced a comprehensive plan to save Iberia after record losses and return it to profitability. Iberia's transformation plan would introduce permanent structural change across all business areas with the goal of stemming losses and returning the Spanish airline to profitability.
The plan includes reduction of 4,500 jobs to safeguard nearly 15,500 posts across the airline. Further, the transformation plan aims for turnaround in profitability of at least 600 million euros from 2012 levels to align Iberia with IAG's target return on capital of 12 percent by 2015.

IAG Q3 Profit Slides; To Axe 4,500 Jobs In Iberian Unit - Quick Facts
 
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IAG - International Airlines Group - Presentations
 
Senator skrev:
Integreras in i BA mainline och kommer försvinna som eget varumärke är min gissning. Jag har uppfattat att "BMI Regional" kommer använda varumärket "BMI" med logga och färger, med IATA kod BM
Klicka för att utvidga...

BMI är redan integrerade i BA mainline, så det är klart (British Airways - flybmi.com). Diamond Club blir discontinued från årskiftet och alla eventuella kvarvarande poäng förfaller. Så passa på att föra över poängen till Executive Club om ni inte redan gjort det.
 
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