Spain's Air Europa to cut 260 jobs after posting loss
Spain's third-largest airline, Air Europa, said Tuesday it will cut 260 jobs or 8.5 percent of its workforce after posting a loss of 13.1 million euros ($16.7 million) last year.
The job cuts, which will affect 46 pilots, are needed to "guarantee the viability" of the company at a time when it is facing higher operating expenses and growing competition from "low-cost" carriers, it said in a statement.
Aircraft Modernization, Upgrade, and Retrofit Market 2015-2019
"All the measures put in place up until now to balance expenses with income have proven to be insufficient," the airline said, adding that unless it took "immediate action" its losses would widen to 81 million euros this year.
Air Europa, owned by Spanish travel and tourism company Globalia, is a member of SkyTeam, the global airline alliance that includes Delta Air Lines and Air France-KLM.
It has a fleet of 45 planes which transported some nine million passengers last year.
by Marianne Barriaux © 2012 AFP
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