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| Version 1 | Version 2 |
|---|---|
| BA nosedives into massive losses | BA nosedives into massive losses |
| (21 minutes later) | |
| British Airways has announced the biggest loss since the company was privatised in 1987. | British Airways has announced the biggest loss since the company was privatised in 1987. |
| BA reported a loss before tax of £401m for the year to 31 March, after seeing its results hit by a weak pound and higher fuel costs. | BA reported a loss before tax of £401m for the year to 31 March, after seeing its results hit by a weak pound and higher fuel costs. |
| BA made a revised profit of £922m in the previous year. | BA made a revised profit of £922m in the previous year. |
| Although revenues increased to almost £9bn, BA faced a near-£3bn fuel bill. Chief executive Willie Walsh said he saw "no signs of recovery anywhere". | |
| The results included redundancy-related costs of £78m. BA said it had cut more than 2,500 jobs since last summer. | |
| "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," Mr 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," Mr Walsh said. |
| Terminal's impact | |
| However, BA said that it had seen a "significantly better" operational performance, and that it had received record customer satisfaction ratings. | |
| The total number of passengers carried fell 4.3% to 33.1m. | |
| The results also included the impact of the airline's first full year of operations at Heathrow Terminal 5, and BA said more than 24 million passengers had flown through T5. | |
| BA is currently in talks with American Airlines and Iberia about possible tie-ups. It said that both the US Department of Transportation and the European Union were continuing to assess its application for anti-trust immunity. | |
| The airline also said it would reduce capacity by 4% over the winter by parking up to 16 aircrafts. |