TOP NEWS SUMMARY: British Airways And Iberia Parent Posts Massive Loss Fri, 26th Feb 2021 11:41 (Alliance News) - The following is a summary of top news stories Friday. COMPANIES International Consolidated Airlines swung to a huge loss for 2020, as it flew just 34% of 2019's passenger capacity last year. Current plans for the first quarter of 2021 is for capacity of 20% of 2019 levels, IAG said, but this remains "uncertain and subject to review". Total revenue for 2020 slumped 69% to EUR7.81 billion, while IAG swung to a hefty pretax loss of EUR7.81 billion from a EUR2.28 billion profit in 2019. The parent of British Airways, Iberia and Aer Lingus turned to an operating loss of EUR7.43 billion from a EUR2.61 billion profit. Before exceptional items, the operating result was a EUR4.37 billion loss, slightly better than the EUR4.45 billion loss forecast by analysts, but swung from a EUR3.29 billion profit in 2019. "Our results reflect the serious impact that Covid-19 has had on our business. We have taken effective action to preserve cash, boost liquidity and reduce our cost base," said Chief Executive Luis Gallego, adding: "We know there is pent-up demand for travel and people want to fly. Vaccinations are progressing well and global infections are going in the right direction." Given the uncertainty over Covid-19, IAG said it is not providing profit guidance for 2021.