London - Pre-tax profits at British Airways (BA) fell by a staggering 91.6 per cent in first half of the company's financial year, figures showed Friday.

BA said pre-tax profit totalled 52 million pounds (83 million dollars), between April and September, down from 616 million pounds a year ago.

BA chief executive Willie Walsh said the period would "be remembered as one of the bleakest on record."

However, given the "difficult circumstances" under which BA had been operating, the result was acceptable.

Walsh said BA was ready to deal with falling demand by cutting capacity. He said that even though the oil price was falling the future business environment would remain "tough." (dpa)