IAG starts to bear Iberia's fruit

(MENAFN) The new Spanish International Airlines Group carrier "Iberia" is making a progress as the group hit a quarterly profit, Oman Observer reported. Europe's third-biggest airline, IAG, restructured Iberia with USD 929.4 million, resulting in loss reduction for the first time in almost three years. "Iberia has started to turn the corner," IAG chief executive Willie Walsh told reporters on Thursday. "It is starting to see the benefits of cuts to costs and capacity but there"s still a long way to go." IAG has recruited 1,700 employees at the Madrid-based carrier and plans to take more than 3,000 by 2014 to focus long-haul routes which it believes can become profitable. IAG shares have risen 57 percent this year and hit 312.12 pence in early trade.