British Airways (BA) has presented its interim management statement for the nine months ended 31 December 2009, reporting on an operating loss of £86m compared with a profit of £89m in 2008.
The group's nine-month loss before tax for the period 1 April 2009 to 31 December 2009 totalled £342m, down from a loss of £70m last year, while revenue fell 12.9 per cent, the group said.
In the group's cargo division, volume measured in cargo tonne kilometres dropped 4.4 per cent on 2008, with cargo revenue declining by 25.1 per cent and yield declining 21.7 per cent, driven by significantly lower fuel surcharges.
However, BA reported on a marked improvement in cargo volumes and yields during the three months from Septemeber to December 2009.
'These results highlight the impact of payment changes across the company on our costs,' said group CEO Willie Walsh. Those changes, combined with capacity reductions and external spending cuts, mean operating costs are down by 10.5 per cent and show that we've adapted quickly to the new business realities created by the global recession.'
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