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Iberia suffers huge quarterly losses this year

Iberia flights have suffered huge losses in the first quarter of 2012. International Airlines Group (IAG), the owner of British Airways and Iberia, said that the company had to suffer big quarterly losses because of growing fuel costs and the impact of Spain’s economic crisis.

The company said that it was also hit by strike by its pilots at Iberia. The company reported losses of $335.08 million (263 million Euros) for the three months to March 31, against a deficit of $59.88 million (47 million Euros) a year earlier.

The company said that Iberia’s operating loss of $216.59 million (170 million Euros) clearly reflects the worsening performance of the airline from its Madrid hub and pilots’ strike.

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