IGNORE: BA expects £150m loss
Monday, 26 Jan, 2009
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British Airways expects to make an operating loss of £150 million in the year to March.
The airline said further economic weakness in January and the outlook for February and March combined with the fall in sterling, were impacting the outlook for end of the financial year.
Results for the third quarter to December 31, 2008 are expected to show an operating loss of around £50 million which is after a £56 million non-cash charge relating to the retranslation of certain foreign currency obligations, the airline said.
Results for the third quarter to December 31, 2008 are expected to show an operating loss of around £50 million which is after a £56 million non-cash charge relating to the retranslation of certain foreign currency obligations, the airline said.
BA said costs were being impacted by foreign exchange. Non-fuel costs are now expected to rise by 8% year on year compared to its previous guidance of 5%.
Fuel cost guidance is largely unchanged at around £3 billion as the lower price of fuel is being offset by a lower fuel hedging benefit for the year and currency impacts.
Revenue guidance for the year remains unchanged as being up at least 4% year on year with yields benefiting from exchange more than offsetting volume declines. Traffic volumes remain in line with the market, BA said.
Traffic statistics for January and third quarter results will be announced on February6.
by Phil Davies
Phil Davies
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