British Airways' loss at 401 mn pounds

Leading carrier British Airways has posted a loss of 401 million pounds for the year ended March 31, 2009, reportedly its biggest loss in more than 20 years, primarily hit by reduced passenger numbers and high fuel prices.

The company has recorded a loss before tax of 401 million pounds for the full-year, British Airways said in a statement.

In the comparable period, the entity had a profit before tax of 922 million pounds last fiscal. The airlines has slipped into the red for the first time since late 1987.

British Airways' revenues rose to 8.99 billion pounds for the year ended March 31, 2009. The same stood at 8.75 billion pounds in the same period a year ago.

"Reduced passenger and cargo demand and high fuel prices last summer contributed to our 220 million pounds operating loss as our total fuel bill reached almost 3 billion pounds," British Airways chief executive Willie Walsh said.

For the fourth quarter ended March 31, 2009, the carrier had a loss before tax of 331 million pounds, while it registered a revenue of 1.9 billion pounds.

"In the last twelve months we have gone from a record profit to a record loss due to the current tough economic environment," he said.