Spanish flag carrier Iberia said today that its third quarter earnings plunged nearly 80% as soaring fuel prices undercut the business.
Iberia said that in the three months to September net profit fell 79.5% from a year earlier to €30.4m because of 'a sharp rise in fuel prices.'
Oil prices hit record highs above $147 in July but have since fallen dramatically as the global economy slows.
Iberia had reported a 75% gain in net profit to €62.6m in the previous quarter, its best performance in five years.
