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BA To Slash 1,200 Jobs After £292m Loss
He said the struggling company was now planning to axe an extra 1,200 positions as it rides "along the bottom" of the recession.
The airline had already revealed plans to cut 3,700 positions by next March.
The new figure, which the airline said had come as a result a high response from staff wanting to work part-time or take voluntary redundancy, will take that total to 4,900.
Mr Walsh was speaking after the airline posted a pre-tax loss for the six months to the end of September.
It is the first time BA has made a first-half loss - and the figure came during the usually busy summer holiday period.
The firm made a £52m profit for the same period last year but a £401m loss in its previous financial year.
Today's deficit is around £40m higher than City analysts had been expecting.
BA is facing troubles on a number of fronts, from a downturn in passenger numbers due to the recession to an ongoing dispute with workers that could lead to strike action over the busy Christmas period.
"These are very difficult times in the industry," Mr Walsh said.
"It could have been a lot worse if we had not reacted so quickly."
Mr Walsh said the airline's cost-cutting drive would continue with the industry as a whole facing a £1bn drop in revenue this year.
He said the company had already reduced costs by £400m after manpower was cut by 1,900 roles through reduced overtime, increased part-time working and voluntary redundancy.
"I'm pleased we are making progress but clearly the results are very disappointing and we need to make significant changes to bring this company to profitability."
Mr Walsh was more upbeat about the chances of steering through a long-anticipated tie-up with Spanish carrier Iberia.
He told Sky News: "We have a good relationship with the management team at Iberia and I believe we'll be in a position to decide on our future steps in relation to Iberia soon."
© 2009 Sky News, all rights reserved.
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