Summary
22 May 2009
British Airways has announced record annual losses of more than $600 million, its worst performance since it was privatised in 1987. BA's chief executive says he sees 'no signs of recovery anywhere'.
Reporter:
Alex Ritson
British Airways planes
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The figures from British Airways were expected to be bad - but not this bad. They are also in sharp contrast to the airline's performance last year when it made more than a billion dollars in profit.
The airline is blaming two factors: firstly, the cost of fuel which was at near record high at this time last year, and secondly, the credit crunch which is affecting many airlines.
Even more ominous are the comments from BA's chief executive, Willie Walsh. He says this is the harshest trading environment the company has ever faced and he can see no reasons for things to improve in the near future.
Alex Ritson, 大象传媒 News
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Vocabulary
- the figures from
- here, the financial state of, the accounting data about the company's profits or losses
- in sharp contrast to
- very different from
- performance
- here, the way in which a company does its job that is judged by its effectiveness (e.g. how big a profit the company has made)
- profit
- when someone (here, a business) gets more money from what they do than they spend to be able to do it
- at near record high
- almost the highest ever
- ominous
- suggesting that something bad is likely to happen
- the harshest trading environment
- the most difficult economic situation in which to conduct business
- faced
- had to cope with
