Maybe we (including myself) are too critical in our assessment of FR's results. Let's see it in this context (from the news today):
British Airways profits have fallen by nearly 90 per cent and its boss admits the airline industry is in crisis.
"We are in the worst trading environment the industry has ever faced," said BA chief executive Willie Walsh.
Carriers are suffering far more badly than in the airline recession that followed the 9/11 terrorist attacks of 2001 in which BA bosses admitted they were within weeks of going bust. For April, May and June, the traditionally strong trading quarter for BA, profits plunged to £37 million from £298millionlast year, a fall of 88 per cent.
"The combination of unprecedented oil prices, economic slowdown and weaker consumer confidence has led to substantially lower first-quarter profits," said Mr Walsh.
The figures strongly indicate the airline could plunge into the red over the full year as it needs to make big profits in the summer to offset the traditionally poor winter trading.
BA's fuel bill will be £1 billion up on last year, more than enough to wipe out last year's record profits of £825 million. But rather than join budget-airline Ryanair in a price war to keep passengers flying, BA says it will charge its customers more.
It would mean Ryanair could try to keep its fares as they are. The most important thing, however, would be to achieve better load factors without those "free flights". Change your booking system, be more friendly to people, find new passengers by means of "safe-only" connecting flights... okay, try it just with hand-luggage passengers, but think of it! It could pay!