British Airways has reported losses before tax of £50m for the three months to December 31, its third financial quarter. This was smaller than expected.
For the first nine months of the year, the airline made a pre-tax loss of £342m, compared with a £70m loss in the same period a year earlier.
Revenue in the nine months was down 12.9%, but BA said its day-to-day costs fell by 10.5%, due to lower fuel costs and cost-cutting measures.
BA chief executive Willie Walsh said that the airline was 'on the right track', but still expected to make record losses for the full financial year.
The airline said, however, that it made an operating profit in the September-December period, its first quarterly profit for more than a year.
BA said there was a 'marked improvement' in its cargo business in the third quarter, while its long-haul premium business - hit by a slump in business travel - was starting to stabilise.
