Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

France 24 meets George Weah ahead of inauguration

Read more

MEDIAWATCH

Gymnast's fierce courtroom address

Read more

THE DEBATE

A whole new world: Trump anniversary special

Read more

#TECH 24

Will artificial intelligence ever surpass the human brain?

Read more

FRANCE IN FOCUS

Aiding migrants in France: What are the legal implications?

Read more

FOCUS

The challenge of clearing Colombia of landmines

Read more

REVISITED

Video: Gambians reflect on first year of democracy

Read more

FASHION

Pitti Uomo in Florence, the world's largest men's fashion showcase

Read more

ENCORE!

Award-winning Filipino filmmaker Brillante Mendoza on keeping it real

Read more

Business

British Airways slumps to record annual loss

Video by Shirli SITBON

Latest update : 2009-05-22

British Airways blamed high fuel costs last summer and dwindling passenger numbers as it announced a record loss of 590 million dollars (€425m) for the year ending in march 2009, the company's worst result since it was privatised in 1987.

AFP - British Airways reported on Friday that it slumped to an annual loss of 375 million pounds (590 million dollars, 425 million euros) for the year to March 2009, from a year-earlier profit of 712 million pounds.
   
The airline said conditions in the industry were very difficult and that a recovery would take longer than first thought.
   
It said it had an operating loss of 220 million pounds for the period, reversing year-earlier operating profit of 878 million pounds, and a pre-tax loss of 401 million pounds, compared with a pre-tax profit of 922 million pounds.
   
Revenue rose to 8.99 billion pounds from 8.76 billion pounds.
   
"Reduced passenger and cargo demand and high fuel prices last summer contributed to our 220 million pounds operating loss as our total fuel bill reached almost three billion pounds," chief executive Willie Walsh said.
   
"The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging," Walsh said in a statement.
 

Date created : 2009-05-22

COMMENT(S)