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| Version 3 | Version 4 |
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| BA nosedives into massive losses | BA nosedives into massive losses |
| (10 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". | 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". |
| Fuel costs rose 44.5% after the price of oil soared last year. The weaker pound also contributed to rising costs as fuel is bought in US dollars. | Fuel costs rose 44.5% after the price of oil soared last year. The weaker pound also contributed to rising costs as fuel is bought in US dollars. |
| The results included redundancy-related costs of £78m. | The results included redundancy-related costs of £78m. |
| BA said it had cut more than 2,500 jobs since last summer and added that it was in talks with unions about "pay and productivity changes". | BA said it had cut more than 2,500 jobs since last summer and added that it was in talks with unions about "pay and productivity changes". |
| "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. |
| Fewer passengers | Fewer passengers |
| The loss was worse than BA had forecast. Shares in the airline were down 5% to 154 pence when trading began in London. | The loss was worse than BA had forecast. Shares in the airline were down 5% to 154 pence when trading began in London. |
| BA's share price | |
| The airline made an operating loss of £220m. In January it said it expected to make an operating loss of £150m. | The airline made an operating loss of £220m. In January it said it expected to make an operating loss of £150m. |
| However, BA said that it had seen a "significantly better" operational performance, and that it had received record customer satisfaction ratings. | 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 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 Terminal 5. | 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 Terminal 5. |
| Global demand for premium travel - business class and first class passengers - fell significantly with BA's premium traffic down 13%. | Global demand for premium travel - business class and first class passengers - fell significantly with BA's premium traffic down 13%. |
| BA added that it had had to take "significant pricing actions" to stimulate non-premium sales, which were broadly unchanged on the previous year. | BA added that it had had to take "significant pricing actions" to stimulate non-premium sales, which were broadly unchanged on the previous year. |
| Merger talks | Merger talks |
| 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. | 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 aircraft. | The airline also said it would reduce capacity by 4% over the winter by parking up to 16 aircraft. |
| Mr Walsh also criticised the UK government's decision to double air passenger duty from next year. | Mr Walsh also criticised the UK government's decision to double air passenger duty from next year. |
| "[It] will undoubtedly disadvantage the UK's competitive position within the airline industry," he said. | "[It] will undoubtedly disadvantage the UK's competitive position within the airline industry," he said. |
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