BRITISH AIRWAYS REPORTS $116-MILLION LOSS FOR LATEST QUARTER

BRITISH AIRWAYS REPORTS $116-MILLION LOSS FOR LATEST QUARTER

   British Airways reported a net deficit of '71 million ($116 million) for the quarter ended Dec. 31.

   The loss for the latest quarter compares with an after-tax deficit of '68 million in the same period of 1998.

   British Airways reported an operating loss of '2 million ($3 million) for the latest quarter, compared to an operating profit of '92 million in September-December 1998.

   Revenue increased by 3 percent, to '2.2 billion ($3.6 billion), from '2.13 billion a year earlier.

   British Airways carried 248,000 tons of cargo in the quarter, an increase of 10 percent. However, cargo yield per ton-kilometer was down by 4 percent, to 11.76 pence (about 19 U.S. cents).

   For the nine-month period ended Dec. 31, British Airways earned '147 million ($241 million) after tax, thanks to profits on disposals. This compares with a net profit of '279 million in April-December 1998.

   Operating profit for the nine-month period was '209 million ($343 million), 60 percent down on the year-earlier period. Revenue for the nine months was '6.8 billion ($11.2 billion), unchanged from the previous year.

   The British airline said that it plans to introduce further innovations and efficiency initiatives in all areas of its business.