USD 64.3455

+0.09

EUR 71.0503

+0.2

BRENT 59.04

+59.04

AI-92 42.27

+0.11

AI-95 46.03

+0.1

AI-98 51.83

+0.01

Diesel 46.13

-0.02

20

British Airways Profit Tumbled Due to High Fuel Cost

British Airways reported a huge fall in its first quarter earnings on Friday due to soaring oil prices

British Airways reported a huge fall in its first quarter earnings on Friday due to soaring oil prices and a global economic slowdown, the company's CEO Willie Walsh said.

In a trading update, BA said that its pretax profit in the three months to June 30 was 37 million pounds ($73 million) -- an 88 percent plunge from the 298 million pounds it earned in the same period a year ago.

Total revenue was up 2.8 percent over the period, but weaker consumer confidence meant that planes over the quarter traveled 73.4 percent full -- a 3.4 percent drop from the same period last year.