British Airways profits goes down

British Airways announced loss of £401bn. BA employees will be offered the option of taking unpaid leave or working part time to try and ease the financial crisis.

Despite the revenues for the company going up by £9bn this year, it has seen an unprecedented fuel bill of £3bn, following the 44.5% increase in the price of oil last year. However, the recent drop in oil prices has led to the airline saying that it expects its fuel bill to drop by £400m by next year. The loss also takes into account redundancy-related costs of £78m, after the company laid off 2,500 workers last year.