Published Date:
16 July 2008
BRITISH Airways is "up to its neck" in crisis due to rising fuel prices, its chairman warned yesterday.
Martin Broughton told the company's annual meeting that he could not to commit to paying out a dividend for the year to March 2009, warning that BA was, "up to its neck in perhaps the biggest crisis the aviation industry has ever known".
The company's fuel expenditure has risen to over £3 billion this year from just over £2 billion last year.
Previous plans to increase capacity by 2.8 per cent this year have now been dropped, with winter capacity to be down by as much as 5 per cent.
Chief executive Willie Walsh sought to quell concerns that job cuts were inevitable.
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Last Updated:
16 July 2008 10:40 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
