British Airways CFO, Keith Williams, stated full year revenue may fall by GBP1 billion if the decline in sales continues at the same pace as in 1Q2009 (-12% to GBP2.0 billion) (Bloomberg, 24-Aug-09). Mr Williams added that the airline’s recovery would likely lag any improvements in economic growth and that the company needs to boost its cash reserves to ensure its survival in the current economic climate. CEO, Willie Waslh, however, added that the carrier’s yields are likely to be outperforming other carriers, although no further details were provided.
British Airways: “There is no quick fix in sight for us. It is likely that recovery in the UK and the US will take some time,” Keith Williams, CFO. Source: Bloomberg, 24-Aug-09.