Business News
British Airways remains in the red as recession bites
Nov 6, 2009, 6:52 GMT
London - British Airways (BA) Friday reported a record half- yearly pre-tax loss of 292 million pounds (485 million dollars), indicating that the airline remains vulnerable to the recession, BA figures showed.
For the whole of last year, BA made a record pre-tax loss of 401 million pounds, its biggest since privatization in 1987.
BA chief executive Willie Walsh said the figures for the period up to the end of September showed that the aviation industry remained in recession.
In the same period in 2008, BA made a profit of 52 million pounds.
Revenue was down by almost 14 per cent between April and September of this year. Walsh said he expected revenue to be down by 1 billion pounds down for the whole year.
BA has also been struggling with competition from budget airlines and is currently involved in difficult negotiations with the trade unions over cost cuts.
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