MADRID Nov 23 Spanish airline Iberia is losing
ground to rivals on its prized routes to Latin America and,
because it is unable to close the gap, it may change some
services or stop flying them temporarily.
"At the moment we are not competitive and we cannot defend
the market share we have," chief executive Rafael Sanchez Lozano
said on Friday in a radio interview,
Iberia, part of International Airlines Group,
controlled around 20 percent of all routes to Latin America from
Europe, but was not capable of defending its market share from
rivals such as Air France, Sanchez Lozano said.
Iberia, in the middle of a restructuring, said this month it
will axe a quarter of its staff, or 4,500 workers, to stop
losses. It hopes the shake-up will improve profit by at least
600 million euros ($773 million) in the next three years.
Earlier this month, IAG reported a 96 percent fall in
nine-month operating profit, to 17 million euros, pulled lower
by high fuel costs and a 262 million euro operating loss at