Iberia announced Friday a net loss of 72.8 million euros (103.4 million USD). A considerable loss if compared to the 21.2 million euros profit in the same quarter the previous year.

The airline’s revenues shrank almost 20 per cent down to 1.07 billion euros while EBITDAR collapsed to 2.4 million euros from 135.4 million euros a year ago. A 30 per cent decrease in business class passengers has contributed dramatically to the air carrier’s results.

In light of collapsing demand, Iberia has vowed to speed up its cost cutting measures. The airline is set to reduce capacity 6 per cent this year, as opposed to the previously announced 4.3 per cent.