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BA adds half a billion to cash balance |
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Friday, 30 July 2010 |
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UK carrier British Airways suffered another quarter of losses due to cabin crew strikes and the volcanic ash cloud that closed European air space in April and early May, but it says its underlying financial performance has improved.
Pre-tax losses for the three months to the end of June were GBP164 million against GBP148 million last year.
Ceo Willie Walsh said: "The trends in our passenger and cargo traffic continue to be positive with yields up and costs down."
Revenues - for the quarter - fell 2.3 per cent from the same period the year before, to GBP1.94 billion for a narrower operating loss of GBP72 million (from GBP94 million).
BA's cash balance was GBP1.74 billion, up almost GBP500 million on the same period last year.
Analysts expect BA to return to a small profit this financial year.
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