BA Reports Quarterly Operating Loss of $155.5 Million

British Airways reported an operating loss of £94 million ($155.5 million) for the quarter ended June 30, compared to a £35 million ($57.9 million) profit for the same period in 2008.

Revenue was down 12.2 percent (underlying revenue before exchange down 16.8 percent). Total operating costs were down 6.6 percent. The underlying non-fuel costs were down 7.6 percent it raised £680 million through convertible bonds and bank facilities.

Total revenue in the period was down 12.2 percent. Passenger revenue was down 12.5 percent, on capacity down 3.1 percent. Yields were down 9.7 percent, 13.3 percent excluding exchange, as a result of price declines and a shift in the sales mix within cabin class.

Operating costs were down 6.6 percent with unit costs down 3 percent. Fuel costs for the period were down 15.6 percent. Other operating costs, excluding fuel, were down 2.4 percent, down 7.6 excluding exchange. This decrease sees the continuation of the cost savings that were launched last October.