Spain's Vueling profit triples on increased market share

MADRID Feb 27 (Reuters) - Spanish low-cost carrier Vueling , the target of a takeover bid from Iberia, reported on Wednesday net profit of 28.3 million euros ($37 million) for 2012, three times what it earned in 2011.

Vueling, which said last month it was taking market share from flag carrier Iberia, said its traffic grew last year despite decreased travel in and to Spain. The Barcelona-based carrier also took on new routes and airplanes after its rival Spanair shut down.

Iberia already owns 46 percent of the no-frills airline.