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British Airways Records GBP 401 M Loss
Business | May 22, 2009, Friday // 15:23
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This is the biggest loss since the company was privatized in 1987, and is due to the weak pound and higher fuel costs. File photo
British Airways has announced Friday a net loss before tax of GBP 401 M for the year to March 31 over the global financial crisis.
This is the biggest loss since the company was privatized in 1987, and is due to the weak pound and higher fuel costs, the BBC reported.
The UK airline company made a revised profit of GBP 922 M in the previous year.
Although revenues increased to almost GBP 9 B, British Airways received a GBP 3 B fuel bill.
Fuel costs rose 44,5% after the price of oil soared 2008. The weaker pound also contributed to rising costs as fuel is bought in USD.
Company's CEO, Willie Walsh, said he saw "no signs of recovery anywhere".
British Airways had to cut more than 2 500 jobs since summer 2008.
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