BA makes £148m loss

British Airways announced a first quarter pre-tax loss of £148m for the three months ended 30 June.

BA makes £148m loss
BA makes £148m loss

The airline's revenue was down 12.2% for the period.

British Airways chief executive Willie Walsh said: "Trading conditions continue to be very challenging with underlying revenue down 16.8% and no visible signs of improvement. While traffic volumes are down considerably compared to last year, they have stabilised during the quarter and show some signs of improvement for the peak summer months. However, yields remain volatile."

Revised business plan

BA's revised business plan will see its flying schedule scaled down, with 22 aircraft parked during winter 2010.

Delivery of its first six A380 aircraft has been delayed by an average of five months with the second six aircraft held back by an average of two years.

Manpower has reduced by 1,450 since 31 March, Walsh added, through reduced overtime, increased part-time working and voluntary redundancy.

"We're cutting forecast capital expenditure by 20 per cent this year, from £725 million to £580m, and it's likely to remain at the same level next year," he said.

New flights
BA will launch flights this winter from Heathrow to Las Vegas and Gatwick to the Maldives, Montego Bay, Punta Cana in the Dominican Republic, Sharm El Sheikh and Innsbruck.

Flights to Gibraltar, Malaga and Pisa will move from Gatwick to Heathrow, and flights from Gatwick to New York JFK, Alicante, Barcelona, Krakow, Madrid, Malta and Palma will be suspended.

    
   

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