BA Racks Up Record Losses Of $765 Million | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 05.02.16

Airborne 04.26.16

AEA2016 LIVE!!! 0830-1230ET

AEA2016 LIVE!!! 1400-1700ET

AEA2016 LIVE!!! 1100-1400ET

Airborne Hi-Def On YouTube

Airborne 05.02.16

Airborne 04.26.16

AEA2016 LIVE!!! 0830-1230ET

AEA2016 LIVE!!! 1400-1700ET

AEA2016 LIVE!!! 1100-1400ET

AEA2016 LIVE Aero-TV: 04/27-0830ET, 04/28-1400ET, 04/29-1100ET

Sun 'n Fun 2016 Innovation Preview on Vimeo!

Sun 'n Fun 2016 Innovation Preview on YouTube!

Sat, May 22, 2010

BA Racks Up Record Losses Of $765 Million

Airline Still Says It Hopes To Break Even This Year

Struggling British Airways' financial woes are showing little sign of easing, as the carrier posted a record pre-tax loss of $765 million over the past 12 months.

"This is our second consecutive year of record losses but we take heart from the fact that, while our revenue has fallen by one billion pounds, so have our costs," BA Chairman Martin Broughton said in a statement Friday. Broughton said that, while revenue has fallen by $1.4 billion, the airline has managed to reduce costs as well, and that he expects that it would break even this year.

The international news service AFP reports that the airline had been expected to lose $867 million this year, so the carrier was performing better than had been anticipated. It has been slashing costs, and has recently announced a merger with Spanish airline Iberia in an effort to stem the red ink. The merger is expected to be finalized later this year.

The airline has also cut about 9.4 percent of its total workforce, or 3,800 jobs during the current fiscal year, and some 6,000 positions overall.

The airline is facing labor actions on the part of cabin crews next week, which could add to its difficulties. British courts upheld the Unite, The Union's right to stage a labor action Thursday.

Like most airlines operating in Europe, BA was hurt by flight cancellations due to the ash cloud caused by the eruption of Iceland's Eyjafjoell volcano. However, the European Commission agreed that national governments can compensate airlines for losses incurred by that event.

FMI: www.ba.com

Advertisement

More News

Textron Aviation Opens New Facility In Germany

Expands Line Maintenance Offering With New Bremen Site Textron Aviation has opened a new European line maintenance station in Bremen, Germany, further enhancing its service offerin>[...]

NASA Moves To Begin Historic New Era Of X-Plane Research

Supersonic Aircraft Will Be Built And Flown Over The Next 10 Years History is about to repeat itself. There have been periods of time during the past seven decades – some bus>[...]

Michigan High School Establishes Aviation Program

Classes Will Be Held At Pellston Regional Airport Alanson, Michigan Superintendent of Schools Dean Paul has established an aviation program for high school students with classes to>[...]

FAA Provides An Update At UAS Symposium

The FAA Administrator Says Progress Is Being Made On UAS Issues The FAA held a UAS Symposium in conjunction with Embry-Riddle Aeronautical University last week to broaden the dialo>[...]

FAA Approves 5,000 Section 333 Exemption Petition Grants

Gowdy Brothers Aerospace Looks To The Future Of Non-Recreational UAS Use FAA Airman and Airspace Rules Division announces 5,076 approved Section 333 petition grants. The FAA furthe>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC