Iberia, which is owned by International Airlines Group (IAG), made a €88-million euro profit in 2011 but like so many other carriers, fuel prices have hit the airlines hard.
IAG has indicated that changes will be made to stimulate profit heading in to 2013.
IAG chief executive Willie Walsh:
“We are currently working on a restructuring plan for Iberia which we anticipate will be finalised by the end of September” he said.
Translation: Job Losses