BA suffers £85 million third-quarter loss

Source : ATW

"British Airways was £127 million ($286 million) in the red through the first nine months of its fiscal year, compared to a £642 million surplus in the year-ago period, implying a net loss of £85 million in the quarter ended Dec. 31, 2008. CEO Willie Walsh cited "further economic weakness and the fall in sterling" for the result, while the airline repeated its forecast of a £150 million operating loss for the full year (ATWOnline, Jan. 27). Fiscal third-quarter operating loss was £51 million but BA remained in the black through the nine months at £89 million. Its operating profit through the first nine months of the 2007-08 fiscal year was a robust £744 million. Nine-month FY09 revenue rose 6.2% to £7.05 billion while costs climbed around 17% to £7 billion on a 48.4% surge in fuel expenses to £2.24 billion."