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26 Sep 2019 | 09:20

Profit warning from British Airways owner International Consolidated Airlines

International Airlines said the net financial impact of the industrial action is estimated to be €137m due to an initial cancellation of 4,521 flights, of which 2,196 were reinstated.

IAG announced that it now expects its operating profit before exceptional items in 2019 to be €215m lower than 2018 pro forma (€3,485m).

Capacity growth, measured in ASKs, for the fourth quarter is now expected to be about 2%, which is 1.2 points below previous guidance, and full year capacity growth is expected to be about 4%, compared to 5% previously.

There were further events affecting British Airways which had a further net impact of €33m.

The airline's offer of a 11.5% pay increase over three years still stands and has been accepted by British Airways' other unions, representing 90% of the airline's employees.

There are currently no further talks with BALPA though any further industrial action would impact IAG's full year 2019 operating profit.

At 9:20am: (LON:IAG) International Consolidated Airlines Group share price was -9.8p at 470.3p

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