British Airways posted its worst-ever first-half results, reporting a $360 million net loss in the six months ended Sept. 30.

Last year, the airline reported a profit of $86.3 million for the first six months.

Half-year revenue for 2009 fell by 13.7%, to about $6.8 billion.

British Airways CEO Willie Walsh blamed the loss on the recession, noting that the airline has been cutting capacity and costs to soften the impact of the bad economy.

"We reduced summer schedule capacity by 3.5%,” Walsh said, estimating that the airline has been able to cut its costs by about $663.7 million.

"Manpower has been cut by 1,900 through reduced overtime, increased part-time working and targeted voluntary redundancy," Walsh said.

Still, the airline intends to cut a further 3,000 personnel worldwide by March 31, reported the Wall Street Journal on Friday.

By the end of the fiscal year, British Airways will have eliminated 4,900 jobs. Of that total, 3,700 job losses will be in the U.K. The airline currently employs 38,704 workers.