BA losses soar – UPDATED
The compares with a loss of £401 million a year earlier and came despite £1 billion in costs being stripped out.
The results do not cover the impact of the April ash crisis and recent cabin crew strike action but takes into account to global economic downturn and a slump in business travel.
CEO Willie Walsh said: “Returning the business to profitability requires permanent change across the company and it’s disappointing that our cabin crew union fails to recognise that.
"Structural change has been achieved in many parts of the business and our engineers and pilots have voted for permanent change.
"I would like to thank our staff across the airline for their outstanding loyalty during this demanding period and our customers for their continued support."
"The cut in non-fuel costs has been achieved by the introduction of permanent structural change in the way that we work allied with capacity reductions and cuts in external spend," Walsh said.
He said the current financial year "could hardly have had a worse start" with the unprecedented closures of UK airspace following the eruption of the volcano in Iceland.
“In 2007 the Office of Fair Trading had agreed that it would be prepared to resolve its investigation into alleged price fixing between British Airways and Virgin Atlantic under the Competition Act 1998 if certain conditions were met.
"Given the collapse of the criminal trial on May 10 2010, the acquittal of the four defendants, and in light of potential new evidence, we are considering whether the settlement terms the company was offered by the OFT, including the as yet unpaid fine of £121.5 million, remain appropriate.”
“While the outlook is becoming slightly more positive, we urge the Government to reconsider its plans to tax the aviation industry, which already more than pays its way in taxation, isn’t used as a convenient source of public sector funding through increased taxes.
by Phil Davies
Phil Davies
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