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22/05/2009
BA Announces Record Losses Of £401m
British Airways has today posted a record loss of £401 million, marking the airline's worst result since the privatisation of the company in 1987.
The dramatic pre-loss tax for that year - brought about as a result of increasing oil prices and falling passenger numbers - comes just one year after BA announced a record £922m profit.
Last year the company was hit with a near - £3bn fuel bill.
Chief Executive of BA, Willie Walsh, said: "The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced."
Shares in the airline fell 6.6% to 152p in early trading, forcing Mr Walsh to admit he saw "little if any" reason to be optimistic about prospects for the rest of the year.
The company also scrapped its dividend, which stood at 5p a share last year. The total number of passengers carried also fell 4.3% to 33.1m.
More than 2,500 jobs have been cut by BA since last summer and the carrier said it was in talks with unions about "pay and productivity changes".
Meanwhile, management will not take bonuses and BA will not offer any dividend payout to shareholders under a scheme to counteract any trading difficulties.
Recently, BA launched its first two-for-one offer to help fill planes, and further indicated fares would fall during the summer after admitting that a strategy of keeping up ticket prices was not compensating for a loss of passengers.
Chairman of BA, Martin Broughton said: "In the last 12 months we have gone from a record profit to a record loss due to the current tough economic environment.
"That only serves to underline the extremely difficult trading conditions that we are facing, despite our best ever operational performance, and any recovery is likely to take longer than initially envisaged."
(JM/BMcC)
The dramatic pre-loss tax for that year - brought about as a result of increasing oil prices and falling passenger numbers - comes just one year after BA announced a record £922m profit.
Last year the company was hit with a near - £3bn fuel bill.
Chief Executive of BA, Willie Walsh, said: "The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced."
Shares in the airline fell 6.6% to 152p in early trading, forcing Mr Walsh to admit he saw "little if any" reason to be optimistic about prospects for the rest of the year.
The company also scrapped its dividend, which stood at 5p a share last year. The total number of passengers carried also fell 4.3% to 33.1m.
More than 2,500 jobs have been cut by BA since last summer and the carrier said it was in talks with unions about "pay and productivity changes".
Meanwhile, management will not take bonuses and BA will not offer any dividend payout to shareholders under a scheme to counteract any trading difficulties.
Recently, BA launched its first two-for-one offer to help fill planes, and further indicated fares would fall during the summer after admitting that a strategy of keeping up ticket prices was not compensating for a loss of passengers.
Chairman of BA, Martin Broughton said: "In the last 12 months we have gone from a record profit to a record loss due to the current tough economic environment.
"That only serves to underline the extremely difficult trading conditions that we are facing, despite our best ever operational performance, and any recovery is likely to take longer than initially envisaged."
(JM/BMcC)
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BA Flies Into Financial Turbulence
The UK flag-carrier, British Airways has today stunned the financial markets by reporting a pre-tax loss of £148m ($245m) in the three months to the end of June. The news is made worse when compared with a profit of £37m in the same period last year. Its operating loss of £94m compares with a profit of £35m last year.
BA Flies Into Financial Turbulence
The UK flag-carrier, British Airways has today stunned the financial markets by reporting a pre-tax loss of £148m ($245m) in the three months to the end of June. The news is made worse when compared with a profit of £37m in the same period last year. Its operating loss of £94m compares with a profit of £35m last year.
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British Airways halve ticket prices
British Airways has announced plans to reduce ticket prices for more than 65 destinations in Europe by as much as 50%. One-way all-inclusive ticket prices will now start at £29.
British Airways halve ticket prices
British Airways has announced plans to reduce ticket prices for more than 65 destinations in Europe by as much as 50%. One-way all-inclusive ticket prices will now start at £29.
05 November 2002
BA announces increase in profits
British Airways has reported a leap in profits to the sum of £245m for the three months to the end of September. While the company warned of "continued uncertainty" in the aviation market it said that, thanks to a cuts plan which had cost 8,180 jobs so far, it should be able to continue the momentum to show a full-year profit.
BA announces increase in profits
British Airways has reported a leap in profits to the sum of £245m for the three months to the end of September. While the company warned of "continued uncertainty" in the aviation market it said that, thanks to a cuts plan which had cost 8,180 jobs so far, it should be able to continue the momentum to show a full-year profit.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
