Spanish airline Iberia has reported a first-quarter net loss of €92.6m, compared with a €400,000 loss in the same period in 2008.
The loss was mainly due to the profound impact of the global economic crisis on the air transport sector, said a company statement.
Iberia posted net profits of just €32m in 2008, down 90.3% on the previous year.
In April, Iberia said it expected to record a net loss for 2009 if the current 'exceptionally difficult' market conditions persisted.
It also approved the outlines of a cost-reduction plan, which Spanish media reported might involve job cuts.
