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Iberia's losses narrow

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Iberia's losses narrow

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Spanish airline Iberia has posted a narrower than expected first-quarter operating loss of 75.5 million euros.

It credited more stable passenger revenues, the cutting of unprofitable routes and a 21 percent fall in fuel costs.

The net loss was 52 million euros, down from 93 million a year earlier.

The airline was less affected than others by the ash cloud airspace closures.

Iberia is merging with British Airways to better cope with the industry downturn.