BRITISH Airways has reported a pre-tax loss for the quarter
ending December 31, 2001 of £160 million.
The figure compares to a pre-tax profit of £65 million in
the same period last year. Operating loss for the quarter was £187 million,
compared to an £80 million profit in the third quarter of 2000.
However, total costs fell by 8.5% reflecting action taken by
the airline following the September 11 terrorist attacks.
BA chief executive Rod Eddington said: “These results
reflect the massive impact on revenue of September 11 and the ongoing economic
slowdown. We have made real progress in managing our costs but British Airways
still faces a number of other considerable challenges some of which were
apparent before the terrorist attacks on the US.
“These are being addressed as part of our Future Size and
Shape review which will outline the steps necessary to deliver an acceptable
rate of return in the market environment of the future.”