BA cuts flights as profits slump by 88%
(01 August 2008)British Airways chief Willie Walsh warned the airline industry that it was stuck in its 'worst ever' trading environment on Friday, after the airline announced it was cutting flights amid an 88% fall in profits.
BA is removing over 160 flights per week from its winter schedule, with flights from Gatwick to Newquay, Dresden, Sarajevo and Poznan being dropped altogether, and proposed routes to Oporto and Valencia are also being shelved.
Other popular routes such as London Heathrow to New York and Hong Kong will also see cuts in the number of daily flights.
The airline boss blamed the rocketing price of fuel and the credit crunch for the fall in pre-tax profits, which slumped from £298 million to £37 million in the three months leading up to June 30.
BA's fuel costs are expected to top £3 billion this year as oil prices continue to soar, and at least 25 other airlines have already gone out of business this year.
However, Walsh confirmed that BA would be continuing merger talks with Spanish carrier Iberia.
Fresh ideas are just one click away...
Travel Deals
-
Finland Family holidays There is something about the snow in Finland that makes you wonder if the locals sneak out at night and spray it with a coat of brilliant white paint – it
-
Finland Activity & adventure holidays Finnish Lapland has enormous areas of untouched wilderness and mile upon mile of wild rolling fells. This vast open countryside, sparkling in the winter sunshine, just begs to be explored by
-
Orlando Adrenaline Whether you’re enjoying the hair-raising delights of the world’s only flying rollercoaster called Manta at SeaWorld or racing through the Everglades on an airboat in search of alligators, one thing’s for
-
Cambodia Luxury holidays Today Cambodia is symbolised by awesome Angkor Wat, the largest man-made religious structure in the world. However, Cambodia is also home to some of the finest boutique hotels in the world
-
Laos Inspire Me When the French colonised Indochina they had a saying: "The Vietnamese grow the rice, the Cambodians watch the rice grow, and the Lao people listen to the rice grow." This is
-
Vietnam Cultural breaks Vietnam is a country with a rich and varied history that is now firmly focused on her bright future. This is why it has become one of the hottest destinations for
-
Money tips for travelling abroad Advertising Feature
