Spanish carrier Iberia reported its 11th year of profit in 2006 despite a major drop in post tax earnings.
These fell to 116.1m, 70.7% below the 2005 figure which revenue from the sale of Savia and part of the airline's stake in Amadeus.
Iberia said its operating earnings rose by 4.7% in 2006 to 122m. It said that when the figures for the last two years are measured by new international accounting standards, it show the company's operating earning rose by 67.7% from 2005 to 2006.
Operating revenues during the year rose by 9.3% to 5,387.8m. Nearly 85% of this figure, 4,552.6m, came from the air passenger and cargo business.
Costs rose during the year by 9.4% to 5,265.7m in 2006, mainly due to the sharp increase in the price of aviation fuel.
The airline said fuel cost increased by 36%, 311.8m to 1,177.5m. They now accounted for 22.4% of all operating expenses, up from the 14.2% in 2004.
The number of long-haul passengers grew by 10.3% to 3.9m and the load factor improved by 2.5% to 85.6%, the highest level in Iberia's history.
Occupancy of the carrier's intercontinental Business Plus seating class also climbed by 10% during 2006.
Millennium Copthorne profits soar
Pre-tax profits for the Millennium and Copthorne hotel chain rose by 27.4% in 2006, its strongest performance for a decade.
The group which runs 108 hotels mainly in the UK plus but also in Paris, America and the Far East, said its pre-tax profits for the year were Â£94.4m compared to Â£74m in 2005.
Revenue per available room rose by 8.1% and turnover increased by 8.5% to Â£646.3m
Mr Kwek Leng Beng, the chain's chairman, said that business in 2007 continued to be positive.
Millennium's new ceo Mr Peter Papas is due to take up his new post today (March 1).
He replaces outgoing ceo Tony Potter who joined Corinthia Hotels in a similar position last summer.
* see BTE's recruitment site www.businesstraveljobs.com