British Airways reports losses
British Airways presented its interim management statement today for the three months ending June 30, and it is not pretty.
The airline underwent an operating loss of $112 million (the previous year it lost $146 million) a loss before tax of $255 million (2009: $230 million).
Conversely, its cash balance of $2.72 billion is up $54 million from year end. Also, the merger between British Airways, Iberia and American Airlines is doing well, and the pension agreements were accepted by the UK Pensions Regulator.
Willie Walsh, chief executive of British Airways, blames the decreased numbers on the Iceland volcano and the consistent strikes by the airlines’ crews earlier this year.
Source: Travel Agent Central