Iberia back in play in 2008?

摘要

Iberia surprised analysts with better-than-expected 2007 results, but it still faces the same fundamental problem of intensifying competition from LCCs in Europe and from Marsans and others on long-haul. The key question remains: can Iberia survive as an independent airline, or will it inevitably be acquired by a larger carrier at some point in the not-too-distant future? Last year Iberia reported its twelfth consecutive year of profit (see chart, opposite), and while revenue increased by just 2.5%, operating profit rose to €284m (compared with €122m in 2006) while net profit reached €328m (€57m in 2006). The net figure was well ahead of consensus analyst forecasts of €267m, and was due to a better performance on long-haul (and in particular to an increased share in business passengers), tight cost control and a hefty €196m boost from asset sales, of which half came from the sale of part of Iberia's stake in reservations company Amadeus.