BBC NEWS | Business | BA nosedives into massive losses
British Airways has announced the biggest loss since the company was privatised in 1987. BA reported a loss before tax of £401m for the year to 31 March, after seeing its results hit by a weak pound and higher fuel costs.
BA made a revised profit of £922m in the previous year.
Although revenues increased to almost £9bn, BA's fuel bill reached almost £3bn. Chief executive Willie Walsh said he saw "no signs of recovery anywhere".
The results include the impact of the airline's first full year of operations at Heathrow Terminal 5.
"The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging," Mr Walsh said.