Spain's Iberia unveils low cost Iberia Express

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MADRID (AP) -- Spanish carrier Iberia has unveiled its new low cost airline, Iberia Express, which aims to claim a stake in the highly competitive no-frills sector of the European market.

The new airline is part of a plan by parent company International Consolidated Airlines Group to increase profitability after the merger of its component parts, British Airways and Iberia.

Iberia Express will initially cover Vigo, Santiago and Granada on Spain's mainland and its island destinations of Menorca, Ibiza, Fuerteventura, Lanzarote and La Palma. It will expand internationally to Ireland, Italy, Greece, Latvia and Netherlands, Iberia CEO Luis Gallego said Friday.

Inaugural flights will take off Sunday. Prices begin at €25 ($33) one-way with a surcharge for checking in luggage.