British Airways reported an after-tax loss of £358 million (US$509 million) for the year ended 31 March

versus a £726 million (US$1.03 billion) profit in the previous year. The airline pointed to "steadily" declining premium traffic which required "significant pricing actions ... to stimulate non-premium traffic volumes." Chief executive Willie Walsh said the carrier is in the midst of "the harshest trading environment we have ever faced ... with no immediate improvement visible." BA's summer 2009 capacity will be down 2.5 percent versus last year and "a further 4 percent in winter 2009."