British Airways reported a net loss of £127 million in the first nine months of the 2008/2009 financial year, attributing it to the weak pound and the global economic crisis.
In comparison, in the fiscal year 2007/2008, which ended in April, the British airline achieved a net profit of £642 million. Its revenues in the first nine months of the current fiscal year increased by 6.2 percent to £7.05 billion. At the operational level, the airline recorded a profit of £89 million, compared to £744 million in the same period of the previous year. BA’s CEO Willie Walsh attributed such results in the first nine months of the financial year to the further weakening of the global economy and the decline in the value of the British pound. However, the company maintained its financial projections for 2008/2009. Revenue growth is forecasted at four percent year-on-year and an operational loss of around £150 million. (H)
