British Airways Posts Loss for Year

More woes for Britain's flag carrier: According to the New York Times, British Airways reported a net loss of $614 million for the year that ended March 31, compared with a loss of $516 million a year earlier. The deficit— the airline’s largest since being privatized in 1987— came amid an 11 percent drop in revenue, to $11 billion.

The British carrier said Friday that it expected to break even in the current financial year as a steady recovery in business travel bolstered revenue and aggressive cost-cutting efforts continued despite strong resistance from labor unions.

The news came a day after the union representing 90 percent of British Airways’ 13,400 cabin crew members warned that it would resume plans for a five-day strike beginning Monday if a dispute over a wage freeze and staff reductions had not been settled.


Read more on:

Suggested Articles:

Experts say the captain of a sightseeing boat that collided on the Danube River with a larger cruise ship was not responsible for the deadly crash.

VisitBritain has named four new appointments joining the United States (US) region across the business events, trade and communications team. Details

The office closures, which could also include the Barbados site, come as part of a larger organizational restructuring. Learn more here.