newstodate.aero
JUL 31, 2003 (newstodate): Announcing its First Quarter figures, British Airways posts a pre-tax loss of £45 million for the first quarter ending June 30, 2003, compared to £65 million profits for the same period last year.
The deterioration in operating profit reflects the significant reduction in revenue due to continuing economic weakness, the war in Iraq and the impact of SARS. This was partially offset by cost savings delivered through the airlines on-going Future Size and Shape recovery programme.
Further bleakening the immediate future are the effects from the current labour disruptions within the airline, estimated to be in the range of £30 million to £40 million reflecting costs incurred and lost revenue.
The deterioration in operating profit reflects the significant reduction in revenue due to continuing economic weakness, the war in Iraq and the impact of SARS. This was partially offset by cost savings delivered through the airlines on-going Future Size and Shape recovery programme.
Further bleakening the immediate future are the effects from the current labour disruptions within the airline, estimated to be in the range of £30 million to £40 million reflecting costs incurred and lost revenue.