BRITISH AIRWAYS REPORTS LOSS

   British Airways reported a loss for the quarter ended March 31 and a
sharp fall in its annual results.
   For the quarter, British Airways had a net deficit of '73 million ($118
million) on revenue of '2.05 billion ($3.32 billion). This compared with a
net profit of '72 million on revenue of '2.03 billion in the year-earlier
period.
   For the financial year ending March 31, net profit dropped 55 percent,
to '206 million ($334 million), from '460 million in the previous financial
year. Revenue rose 3 percent to '8.92 billion ($14.44 billion).
   British Airways said that it faced industry-wide price-discounting and
excessive capacity growth, particularly on the North Atlantic. The
carrier’s cargo tonnage increased 5 percent during the financial year, to
855,000 tons, but cargo yields declined 8 percent.