Announcing the news on May 22, the company's Chief Executive Willie Walsh revealed that BA made a substantial loss of GBP401m (USD635m) in the 12 months ending March 2009.
The news comes just one year after BA posted a record profit in 2008.
Shares in the company have also fallen, dropping by 6.8% to 151.7p, and the dividend reinstated by the company only last year after a 7 year gap has been scrapped.
With financial pressure mounting under the strain of the current economic downturn, Mr Walsh has predicted this downward trend is likely to continue, explaining:
"The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging."
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