British Airways reports falling profits

British Airways has reported that its third-quarter profit fell 14 percent. The company suffered due to increasing costs of aviation fuel in the market.

The company also suffered from the expenses related to new security requirements.

British Airways has now downgraded its full-year revenue growth forecast to between 3.3 percent and 3.8 percent. The company is facing labor dispute with cabin crew which has caused disruptions in service last month.

Chief Executive Willie Walsh added in a statement that the airline’s costs rose 3 percent in the third quarter, largely because of higher fuel prices. He said: “The patience and loyalty of our customers has been tested and I want to apologize for the inconvenience they have suffered during this period. The uncertainty caused by the threat of recent industrial action has added to this but we have reached an agreement with the cabin crew branch of the T&G (union) over a range of issues which I am confident forms the basis of a good relationship in the future.”