Air Transport World

British Airways.

British Airways shocked the London money markets by posting its first loss in four years--[pounds]68 million ($113 million) for the third quarter ended Dec. 31 after the airline took a noncash charge of [pounds]117 million related to the revaluation of yen-denominated aircraft financing. Excluding the charge, BA said it would have earned [pounds]42 million, still down on year-ago earnings of [pounds]71 million.

At the operating level, however, BA saw profits rise 57% to [pounds]92 million on fiat revenues of [pounds]2. …

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