Martin Broughton, the chairman of British Airways, admitted today that profits are likely to be wiped out this year as soaring fuel costs and the economic downturn pile the pressure on the UK's flagship airline.
Mr Broughton told shareholders at BA's annual meeting that it would be a "considerable achievement" if BA broke even for the current financial year.
The airline's chairman said that, with the oil price surging above $140 a barrel amid fears of a global recession, BA and its peers are "up to our necks in the biggest crisis the aviation industry has ever known".
He spelled out to investors that, with oil at $85 a barrel - a price last reached in February - BA would be on course for handsome profits.
BA warns the oil price will wipe out profits - Times Online
