LONDON (AP) – British Airways' CEO Willie Walsh has turned down a six-figure bonus for the second year as the carrier struggles with losses and a series of strikes by cabin crew.

The airline said in its annual report published yesterday that Walsh was eligible for bonus in the form of shares worth £334,000 ($487,000) but he thought it was appropriate to say no.

Walsh also gave up a month's pay last year, cutting his annual compensation to £674,000.

"I regret that we found ourselves at loggerheads with very valued members of staff at a critical time," Walsh said in the report.

"When we have had the chance to explain our proposals directly, many understand what our agenda is really about – to secure jobs in the airline and put the business on a footing where it can achieve the growth it needs to survive long-term.

"They understand that, without change, British Airways will just shrink and shrink and shrink."

The British Airlines Stewards and Stewardesses Association has called walkouts totalling 22 days since March, costing the airline £150 million ($219 million), and negotiations have made no apparent progress in resolving the dispute.

BA reported a net loss of £425 million in the year ending March 31, following a loss of £358 million in the previous year.