BMI, whose main shareholder still is a private consortium led by Sir Michael Bishop, has released its 2002 financial results recording a pre-tax loss of ”19.6m against a pre-tax profit of ”12.4m in 2001, its first loss in ten years. The launch of no-frills subsidiary bmibaby and further development of bmi regional resulted in an 11.9% increase in revenue passengers to 7.5m. Sir Michael, in a bullish mood, noted that the new strategy plus additional cost cutting measures have enabled the group to generate a strong positive cash flow with record levels of liquidity at 31 March 2003. He anticipates carrying up to 3m passengers on bmibaby alone this year. On another positive note the airline suspended Manchester ” Washington operation is to return on 1 June on a six day per week basis, complimenting the successful daily Chicago service. http://www.flybmi.com