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Business

Sterling drop, weak economy weigh on British Airways

Latest update : 2009-02-06

British Airways has reported a net loss of €146 million in the first nine months of the 2008-2009 fiscal year in the wake of the global financial crisis and a weakening British pound.

AFP - British Airways reported on Friday a net loss of 127 million pounds (186 million dollars, 146 million euros) in the first nine months of its 2008-2009 financial year, which it blamed on a weak pound and the global economic crisis.
   
The loss compared with net earnings of 642 million pounds in its 2007-2008 fiscal year, which ended last April.
   
Sales in the first nine months of the current fiscal period rose 6.2 percent to 7.05 billion pounds. At the operating level the airline suffered a fall of 88 percent to 89 million pounds.
   
BA chief executive Willie Walsh attributed the performance over the first nine months to a further weakening in the global economy and a fall in the value of the pound sterling.
   
But the company maintained its financial projections for 2008-2009.
   
The carrier foresees growth of 4.0 percent and an operating loss of about 150 million pounds.
 

 

Date created : 2009-02-06

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