Sun, Feb 07, 2010
Not Enough Savings For Current Fiscal Year
British Airways (BA) announced Friday that their cost-cutting
measures will not save the airline from posting a record loss at
the end of their fiscal year in March. BA reported that their
10.5% cut in operating costs was overshadowed by a 12.9% fall in
revenue during the past nine months.
The airline reported an operating of loss of $135 million,
compared to a profit of $139 million a last year. BA also
reported that premium traffic volume dropped by 9.7% including 2.1%
in January alone. The losses were still better than financial
forecasters had predicted.
"While we are on the right track, we still expect to make record
losses this year," said Chief Executive Willie Walsh. "Permanent
structural change is being introduced in all areas and will return
us to sustained profitability."
BA is currently facing a potential strike by cabin crew, a
pension deficit, stiff competition, and fluctuating fuel
ANN reported earlier, the airline has been in a dispute with
cabin crew over issues including frozen wages, job cuts and crew
downsizing. The Unite union has called for a strike and is
currengly engaging BA in a court battle over new schedules for crew
In November BA announced their intent to merge with Spain's
Iberia airline and proposed a joint venture with American
Airlines. Both of these moves are seen as having potential to
increase revenues the airlines as a group.
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