Taking a tough view on Christmas, new guidance points to a full-year loss of £10.7m.

The company has said its full-year loss for 2003 will top 400 million euros ($499.7 million).

The airline also expects to lose money for all of fiscal 2002, which runs through March 2003, the ninth full-year loss in the last decade.

Ford has already lost $7.2 billion so far this year; its full-year loss may exceed $9 billion.

The full-year loss of £73.5m compared with a profit of £59m in 2006.

American Airlines was the only major carrier not to turn a profit last year and looks set to announce another full-year loss in 2011.

Some analysts say the full-year loss could total $5 billion.

It said the move would result in a $1.1 billion second-quarter loss and a $710 million full-year loss.

Analysts said full-year losses could reach 3 billion crowns, or $500 million, but the four-month period was too short to assess the new partnership.

A full-year loss would be the first for Philips in five years.