British posts it largest yearly loss since 1987

British Airways (London) has posted its largest yearly net loss since it was privatized in 1987. The company lost around $532 million for the fiscal year ending on March 31. BA blamed the large loss on high fuel costs earlier in the corporate year and diminished demand. As a result the company will cut capacity by four percent in the winter season compared with a year ago. The airline will also park up to 16 aircraft.

In other news, BA will introduce a new route linking the London (Heathrow) hub with Las Vegas starting on October 25. Boeing 777-200s will be assigned to the new route.