Your email address is safe with us. View our Privacy policy.
British Airways to lay off 4,900 workers
The job cuts -- which surpass the 3,700-layoff target previously announced -- come after BA announced it had lost $485 million in the six months ending Sept. 30, The Times of London reported Saturday.
Analysts told the newspaper the airline's weak six-month performance has put it on track to eclipse its previous record one-year loss of $666 million set last year and would likely have a hard time returning to profitability before 2011.
"We see a return to profitability in 2011, but only just and only if cost cutting plans succeed," Nick Cunningham, aviation analyst at Evolution Securities, told The Times.
The figures showed BA's revenues were down 13.7 percent in the past six months, prompting chief executive William Walsh to say: "The challenge to the business and to the industry is the big decline in revenues we are seeing. We will see a fall of over ($1.7 billion) in revenue this year and that is largely on the back of the recession as business travel is less and average fares have come down."
Copyright 2009 by United Press International
This news arrived on: 11/07/2009
Printer Friendly Version | Send this page to a friend | Post Comment
Rate This Story:
Great - 5 - 4 - 3 - 2 - 1 - Bad
Posted Comments:
11-09-2009 11:36
ray wrote:
BA Lay Offs
It shows in the cut backs they are making.
My last BA Flight all i got was a bag of Nuts & Rasins.
Better tha a Flight back from Munich in 2008.
There was no food at all.
My last BA Flight all i got was a bag of Nuts & Rasins.
Better tha a Flight back from Munich in 2008.
There was no food at all.
Comment archive | Comment FAQ's
 |
 |
View UK News ezine stories by date or visit the complete archive |
The ArcaMax Politics channel is one of 70 content categories offered by ArcaMax Publishing on this ... |
VideoSquares.com
