British Airways has cut operating costs by around 6.6 percent since last October as it fights to slim down during the downturn, while its debt-pile also fell slightly to 2.3 billion pounds ($3.79 billion).
The carrier, which has been attempting to wring pay and working cuts from its workforce and has even axed meals on some short haul flights, said in a statement its cost-cutting task was far from over.
Trading conditions continue to be very challenging with... no visible signs of improvement. Our work to reduce costs is beginning to bear fruit but with revenue still weak there is much more to be done, Chief Executive Willie Walsh said.
BA recently raised around 600 million pounds to shore up its balance sheet during the crisis. It reiterated Friday that the first quarter operating losses had come in at 94 million pounds, on revenue down 12.2 percent at just under 2 billion.
The group said its full-year fuel bill is expected to be between 450 million and 500 million pounds lower than last year.
(Reporting by John Bowker, Editing by Myles Neligan and Hans Peters)