British Airways has posted an operating loss of £220 million ($349 million) for the year ending 31 March, against a previous profit of £878 million.

The loss includes a restructuring cost of £78 million.

BA’s revenues for the period were up by 2.6% to just under £9 billion for the year, but fuel costs neared £3 billion while passenger and cargo demand dropped.

The carrier has turned in a pre-tax loss of £401 million compared with a £922 million profit in the previous year.

“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,” says BA chief Willie Walsh.

Traffic volume and yield have not improved over the last quarter of last year, says the airline, and BA is not issuing new financial guidance for the current six-month or 12-mon

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