British Airways on Friday reported a full-year loss of 375 million pounds ($595 million) under pressure of soaring fuel costs and a global recession, according to AP. The loss for the year ending March 31 compared to a profit of 712 million pounds in the previous year. Revenue rose 2.9 percent to 8.99 billion pounds, and fuel costs were up 45 percent to 2.97 billion pounds. In its fourth quarter, British Airways said revenue slumped by 8.4 percent to 1.9 billion pounds, resulting in an operating loss of 309 million pounds. BA did not disclose full figures for the quarter. «The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging,» said Willie Walsh, the airline's chief executive.
