Reversing the rising trend that began before the 2011 merger of British Airways and Iberia, IAG slipped back into losses in 2012. Quite simply, unit costs grew faster than unit revenues. Iberia's losses widened again and BA's profits declined. Labour productivity, a key factor in airline profitability, fell in 2012. This was partly due to the integration of bmi and also to capacity cuts at Iberia being implemented ahead of headcount reductions, but 2013 will need to see an improvement in this area.
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