Iberia profits take nosedive

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Annual net profit at the Spanish national airline Iberia has fallen by 90 percent to Ôé¼32 million (┬ú28 million), as a result of last yearÔÇÖs soaring fuel prices and weak demand. Sales were down 1.3 percent over 2008, at Ôé¼5.45 billion.   "Since the end of 2007, the air transport industry has seen a slowdown in the growth of traffic, which intensified in the second half of 2008 due to the deterioration of the international economic situation," the company said.   Iberia also commented that a new high-speed train service between Madrid and Barcelona had adversely affected demand.   The airline is currently discussing a possible merger with British Airways, anmd is expedcted to make a preliminary decision this month   The International Air Transport Association (IATA) has predicted that total losses for airlines in 2008 were likely to reach $5 billion as a result of the global economic downturn.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *