British Airways posted an operating profit of £25 million (US$40 million) for the December quarter

but "we still expect to make record losses this [fiscal] year," according to CEO Willie Walsh. The company's quarterly pre-tax net loss was £50 million (US$80 million) compared to a pre-tax loss of £122 million (US$194 million) a year earlier. Passenger revenue declined 13 percent. "Long-haul premium continues to show modest year on year improvement," according to the airline. Overall premium traffic in January fell 2.1 percent year over year.