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Iberia's profits slump

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Iberia's profits slump

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Spanish airline Iberia posted a deeper than expected net loss of two hundred and seventy three million euros for last year which it called “the worst ever for the aviation sector.”

A strict cost control programme failed to offset falling passenger numbers, particularly in business class, due to the economic crisis.

Iberia is about to merge with British Airways to create the world’s third largest airline by revenue.