Iberia has sold its Canary Islands' subsidiary Binter Canarias to local investors for €52.6 million ($45.9 million) - "an attractive price for the company and its shareholders", according to Iberia. Binter Canarias operates 11 ATR 72 turboprops around the Canary Islands and Madeira, and has a near-monopoly since its competitor Air Europa Express was grounded last year. The San Felipe group, based on Gran Canaria, and investors in Tenerife will each hold 50% of the airline, which reported g111.15 million revenues and €9.1 million pre-tax profit in 2001. The sale is part of Iberia's strategy of focusing on trunk routes.
Source: Flight International
