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20/05/2002
BA reveals losses of £200 million
British Airways has experienced its worst year yet, as it reveals figures showing a loss of £200 million before tax and one-off charges for the year to March 2002.
However, while the beleaguered air carrier turned in a poor performance, losses have not been as bad as expected, with some analysts forecasting a deficit of £400m. In addition, the results for the fourth quarter (January-March 2002) show the start of turnaround for the company.
BA has experienced a difficult year, as the knock-on effect of 11 September saw passenger numbers plummet while cut-price carriers such as easyJet have stepped in to lure customers away with budget deals.
As profit margins were squeezed tighter, BA was forced to cut back on its flights, and a programme of redundancies was stepped up, with plans of further job losses for the coming year. Another strategy currently being mooted by the company is a new programme that aims to cut £670m off the airline's spending by 2004.
Responding to the figures, BA's Chief Executive, Rod Eddington, said: "We have had to make a series of tough decisions this year to protect BA for the long term."
(CL)
However, while the beleaguered air carrier turned in a poor performance, losses have not been as bad as expected, with some analysts forecasting a deficit of £400m. In addition, the results for the fourth quarter (January-March 2002) show the start of turnaround for the company.
BA has experienced a difficult year, as the knock-on effect of 11 September saw passenger numbers plummet while cut-price carriers such as easyJet have stepped in to lure customers away with budget deals.
As profit margins were squeezed tighter, BA was forced to cut back on its flights, and a programme of redundancies was stepped up, with plans of further job losses for the coming year. Another strategy currently being mooted by the company is a new programme that aims to cut £670m off the airline's spending by 2004.
Responding to the figures, BA's Chief Executive, Rod Eddington, said: "We have had to make a series of tough decisions this year to protect BA for the long term."
(CL)
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