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LONDON, ENGLAND - SEPTEMBER 09: British Airways plane taxies after landing at Heathrow's Terminal 5 on September 9, 2019 in London, England. British Airways pilots have begun a 48 hour 'walkout', grounding most of its flights over a dispute about the pay structure of it's pilots. (Photo by Dan Kitwood/Getty Images)

British Airways parent company slashes passenger forecast

LONDON, ENGLAND - SEPTEMBER 09: British Airways plane taxies after landing at Heathrow's Terminal 5 on September 9, 2019 in London, England. British Airways pilots have begun a 48 hour 'walkout', grounding most of its flights over a dispute about the pay structure of it's pilots. (Photo by Dan Kitwood/Getty Images)

A British Airways aircraft taxis past other parked British Airways aircraft at Terminal 5 of Heathrow Airport in west London, on July 30, 2010. (Photo: AFP/ Ben Stansall/Getty Images)

The parent company of British Airways has cut its fourth-quarter passenger forecast to just 30% of last year’s level as government restrictions imposed to control a new wave of coronavirus infections reduces demand for flights.

International Airlines Group made the announcement Thursday as it posted a third-quarter operating loss of 1.3 billion euros ($1.7 billion), compared with a profit of 1.4 billion euros in the same period last year.

The company said it reduced the fourth-quarter passenger forecast because of additional restrictions, including “an increase in local lockdowns and extension of quarantine requirements to travelers from an increasing number of countries.”

The company said that measures meant to mitigate the disruption, such as pre-departure testing and air corridor arrangements, “have not been adopted by governments as quickly as anticipated.″