(Adds background, detail)
LONDON, Oct 22 (Reuters) - British Airways-owner IAG
reported a 1.3 billion euro loss in the third quarter
as coronavirus restrictions continue to depress travel, forcing
it to further downgrade its capacity outlook for the rest of the
year.
The airline group, which also operates Iberia, Vueling and
Aer Lingus, announced its preliminary results for the three
months to the end of September one week earlier than expected.
The 1.3 billion loss was significantly worse than the 920
million euro analysts' consensus and behind the 1.4 billion
euros of profit it made in the same period last year.
The results were the first to be published under new CEO
Luis Gallego who took over from Willie Walsh in early September.
IAG said on Thursday that for the fourth quarter it would
fly no more than 30% of the capacity it flew in the same period
last year, lower than previous guidance, which had already been
cut.
With less flying, the group warned it no longer expected to
reach breakeven in terms of net cash flows from operating
activities during the fourth quarter, but said that liquidity
was strong.
The company raised 2.74 billion euros from shareholders
which it received in early October, boosting its liquidity to
9.3 billion euros.
(Reporting by Sarah Young; editing by Guy Faulconbridge and
James Davey)
International Airlines (IAG)
