Iberia admits to losing Europe-Latin America market share
Iberia says it is losing market share on its prized routes to Latin America and will have to rethink some services or temporarily stop operating them. Earlier, Iberia controlled around 20% of all routes between Latin America and Europe, but rivals such as Air France have caught up, leaving the Spanish carrier incapable of defending them, its CEO Rafael Sanchez Lozano says.
“At the moment we are not competitive and we cannot defend the market share we have,” he said in a radio interview on Friday.
Earlier in November, Iberia parent company IAG posted a €262 million nine-month operating loss, pushing IAG’s operating profit down by 96% to €17 million. The Spanish airline is in the process of cutting 4,500 employees – a quarter of its workforce – to help improve its financial position.