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British Airways hit by £292m loss British Airways hit by £292m loss
(30 minutes later)
British Airways has reported a loss before tax of £292m ($485m) for the six months to the end of September, as the recession continues to hit airlines.British Airways has reported a loss before tax of £292m ($485m) for the six months to the end of September, as the recession continues to hit airlines.
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.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.
BA said revenue over the six-month period was down 13.7%.BA said revenue over the six-month period was down 13.7%.
"Aviation remains in recession with revenue likely to be £1bn lower this year," said BA chief Willie Walsh."Aviation remains in recession with revenue likely to be £1bn lower this year," said BA chief Willie Walsh.
He told the BBC that this had been the "most difficult year in the history of British Airways".He told the BBC that this had been the "most difficult year in the history of British Airways".
"All airlines are facing the same pressure. Operational changes at British Airways are absolutely necessary to improve the performance of the business, " he said."All airlines are facing the same pressure. Operational changes at British Airways are absolutely necessary to improve the performance of the business, " he said.
'Fragility''Fragility'
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. BA is currently in a battle with unions over changes to jobs and pay. It wants to cut the number of cabin crew staff on its long-haul flights from 15 to 14, with the change coming into effect on 16 November.
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. The company is also proposing a two-year pay freeze. It says the changes are essential to its survival.
However, the union will continue with its planned strike ballot of British Airways cabin staff. On Thursday, the Unite union said it would continue with a strike ballot of British Airways cabin staff over the changes, despite its legal challenge to the new working patterns being delayed.
The result of the strike vote will be known on 14 December. Unite had sought a High Court injunction to have the changes blocked, but the full trial will now not go ahead until 1 February.
Analysts argue that the figures could be used as ammunition by the union. Unite said staff would "unwillingly" work the new schedules from this month, but it would still ballot for a strike. The result of the strike vote will be known on 14 December.
Analysts said the latest figures could be used as ammunition by the union.
"These weak results will underscore their fragility to unions opposed to wholesale restructuring that is required if BA aims to survive this downturn," said Saj Ahmad from Gerson Lehrman Group."These weak results will underscore their fragility to unions opposed to wholesale restructuring that is required if BA aims to survive this downturn," said Saj Ahmad from Gerson Lehrman Group.