British Airways has announced its biggest trading loss since privatisation.
BA reported a loss before tax of £401m for the year to 31 March, compared with a profit of £922m last year, after seeing its results hit by a weak pound and higher fuel costs.
Fuel costs rose 44.5% after the price of oil soared last year. The weaker pound also contributed to rising costs as fuel is bought in US dollars.
The results included redundancy-related costs of £78m, the company has cut more than 2,500 jobs since last summer.
CEO WIllie Walsh was downbeat about the prospects for recovery: "The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging."
See a fuller story from the BBC.
