=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/05/20/f= inancial0908EDT0024.DTL ---------------------------------------------------------------------- Monday, May 20, 2002 (AP) Airline posts loss for latest year (05-20) 06:08 PDT LONDON (AP) -- British Airways PLC on Monday reported a loss for the past fiscal year on lower revenue and its biggest annual pretax loss since its privatization 15 years ago. Chief executive Rod Eddington said he was "determined" to return the business to "acceptable levels of profitability." Britain's biggest air carrier suffered a slump in demand for air travel after the Sept. 11 terrorist attacks in the United States. Its business was also depressed by a cattle disease which hurt Britain's tourism trade and intense competition from budget airlines such as Ryanair and easyJet. The group has announced 13,500 job cuts since August. It also has cut capacity and dropped routes in an effort to reduce costs and remain competitive. BA's net loss for the year ending March 31 was 129 million pounds ($184.5 million), compared with a net profit of 81 million pounds a year earlier. It had a pretax loss of 200 million pounds ($286 million) in contrast to= a pretax profit of 150 million pounds the previous year. Revenue for the year fell to 8.34 billion pounds ($11.92 billion) from 9.28 billion pounds the previous year. "We have had to take a series of tough decisions this year to protect British Airways for the long term. It has meant sacrifice and hardship for our people," Eddington said. "The market is expected to remain soft, but the swift and decisive actions we have taken show we are determined to return the business to acceptable levels of profitability." Eddington said the cost-cutting measures meant the group's results were better than expected. BA shares rose 4 percent in trading Monday in London. =20 ---------------------------------------------------------------------- Copyright 2002 AP