Iberia’s profits fall due to fuel costs

Iberia’s said earnings before income tax, depreciation, amortisation and rental of non-fleet assets (EBITDAR) grew 12.1 pct to 218.2 mln eur in the second quarter from 194.6 mln a year earlier, slightly below forecasts for 221-241 million as higher fuel costs weighed on the results. In a statement, Iberia said costs were 116 mln eur higher in the three months to June because of the rise in fuel prices.

Net profit fell 21.2 pct to 35.7 mln eur from 45.3 mln, below forecasts for 46-62 mln, on a 19.2 pct increase in revenues to 1.447 bln eur from 1.214 bln.