BA announce £168m quarter loss
30.07.10
BA announced a big loss for the quarter to June 30 as a result of cabin crew strikes and disruption caused by the volcanic ash cloud. The airline reported a pre-tax loss of £164 million, larger than the £148 million loss the airline made in the same period last year, but said the impact of all the disruptions was in line with previous estimates of £250 million in the quarter.
Its total costs were down 3.3% on a year ago and revenues down 2.3%. The airline said that its lower costs included a 0.7% reduction in fuel costs and a 4.3% fall in non-fuel costs. As a result, its yields - the revenue it makes on each passenger for every mile travelled - rose 12.7%. The airline also highlighted a strong performance from its cargo business, which saw revenue jump 36.7%. While passenger revenue fell 3.4%, BA said that without any disruption it would have increased by 11%.
BA maintained its outlook for the full year of breakeven. Its chief executive, Willie Walsh, said: ‘While some economic experts are flagging the risk of a 'double dip' recession, the steady recovery continues and, on that basis, we continue to target to break even at a profit before tax level for the full year,’
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