British Airways unveils sharp drop in profits

British Airways says it made a pre-tax profit of £5m in the second quarter, down from £200m last time.

Turnover fell to £2.25bn at the airline, which has cut 7,200 jobs and lost 25% of its passengers.

BA has been hit by a slump in the airline industry, which has worsened since the US terror attacks.

Today's interims include only three weeks of trading since the atrocities in New York and Washington.

The company lost £40m in the week following September 11.

As previously announced, there will be no interim dividend.

The second-quarter figures mean BA made a half-year pre-tax profit of £45m, down from £150mn last time.