British Airways posts H1 loss of $361 mn
British Airways on Friday said the company`s net loss more than quadrupled to 217 million pounds (242 million euros, 361 million dollars) during the first half of its financial year.
London: British Airways on Friday said the company`s net loss more than quadrupled to 217 million pounds (242 million euros, 361 million dollars) during the first half of its financial year.
The airline has reported a profit of £52m in the same period last year. BA reported a net loss of 106 million pounds in the first quarter, compared to a profit of 27 million pounds a year earlier.
"Aviation remains in recession," BA chief executive Willie Walsh said in comments accompanying news of the deep loss.
"With (BA) revenue likely to be one billion pounds lower this year, we can`t stand still and further cost reduction is essential," he warned.
The company has been hurt by a decrease in premium traffic. In September, BA said traffic measured in revenue passenger kilometers, was down by 0.8 percent -- with premium traffic down 7.9 percent and non-premium up 0.7 percent.
Nonetheless, BA launched a new premium-priced service between the close-in London City Airport and New York on September 29, using Airbus A318s configured with 32 beds.
Looking for any way to boost revenue, BA announced in August that it would sell advertising space on its Web site and boarding passes.