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Oct. 22, 2020, 2:36 a.m. EDT

IAG swings to operating loss and cuts 4Q capacity

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By Ian Walker

International Consolidated Airlines Group SA on Thursday reported a swing to loss for the third quarter and cut its fourth-quarter capacity, blaming the "uncertainty of the current environment."

IAG--the parent company of British Airways, Iberia and Aer Lingus, among others--said that its operating loss before exceptional items was 1.3 billion euros ($1.54 billion) for the third quarter of the year, compared with a profit of EUR1.4 billion for the same period last year.

Revenue for the quarter fell to EUR1.2 billion from EUR7.3 billion.

IAG said that it now expects to fly no more than 30% of capacity in the fourth quarter compared with the same period last year. It had previously said it would fly 40% capacity.

IAG had total liquidity of EUR6.6 billion, including cash and undrawn facilities.

The company plans to report full third-quarter earnings on Oct. 30.

Write to Ian Walker at ian.walker@wsj.com

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