UPDATE 1-Spain's Iberia swings to 9-mth net profit

* Net profit 53 mln eur vs 54.8 mln f/cast by Reuters

* Opg loss 1 mln eur vs 20 mln profit f/cast by Reuters

* Business travel on long-distance flights recovers

(Writes through, adds details, background)

MADRID, Oct 29 (Reuters) - Spain's Iberia IBLA.MC met analyst forecasts as it swung to a nine-month net profit from steep losses a year ago, thanks to a recovery in business travel on long-distance flights and strict cost control.

Net profit for the airline, which is merging with British Airways BAY.L, reached 53 million euros ($73.56 million), while revenues grew 7 percent to 3.57 billion.

Operating losses narrowed to 1 million euros from a record loss a year ago in the nine months, but it swung to an operating profit of 71 million euros in the third quarter.

BA is also due to report third-quarter results on Friday.

Rival Lufthansa (LHAG.DE) said on Thursday it expected business to remain strong into 2011 after demand for international premium class travel and cargo services improved in the third quarter. [ID:nLDE69R07Y] ($1=.7205 Euro) (Reporting by Tracy Rucinski; Editing by Jon Loades-Carter)