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British Airways makes £292m loss British Airways makes £292m loss
(10 minutes later)
British Airways has reported a loss before tax of £292m for the six months to the end of September. British Airways has reported a loss before tax of £292m for the six months to the end of September, as the recession continues to hit airlines.
This compares with a profit of £52m in the same period last year and includes the airline's first April-to-June loss since privatisation. It is the first time BA has reported a loss in the first half of its financial year. Last year it reported a profit of £52m for the same period.
The airline's previous low for the six-month period was a pre-tax profit of £45m in 2001/02. BA said revenue over the six-month period was down 13.7%.
The losses come in a tough year for airlines, with passengers cutting back spending in the recession. "Aviation remains in recession with revenue likely to be £1bn lower this year," said BA chief Willie Walsh.
BA is currently locked in a fight with unions over its plans for job cuts and a pay freeze and is facing the threat of industrial action from different sections of its workforce.
On Thursday, Unite launched legal action in the High Court in an attempt to stop the imposition of new contracts for new cabin crew. It has agreed to work to the new schedule until the outcome of the legal action is known.
However, the union will continue with its planned strike ballot of British Airways cabin staff.
The result of the strike vote will be known on 14 December.