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05/08/2005
BA profits rise on improving outlook
British Airways (BA) has today reported a rise in operating profit in the first quarter of the company's trading year.
BA reported a £176 million operating profit up from £129 million in the same period last year.
The airline reported a rise in pre-tax profit of £124 million (2004, £75 million profit) for the first quarter to June 30, 2005.
Sir Rod Eddington, British Airways' Chief Executive, said: "These are good results despite a 37.6% increase in fuel costs. The improvement in passenger revenue is driven by more customers flying in our premium cabins".
However, he said that there was "still much work to be done to achieve a 10% operating margin."
Martin Broughton, British Airways' Chairman, said: "Record passenger loads in July indicate that the short term impact of the London bombings was not material although it is too early to say what the long term impact will be. When taken together with the uncertain economic outlook and volatility in both fuel prices and the US Dollar exchange rate, accurate forecasting is even more of a challenge than usual. Market conditions, however, remain broadly unchanged."
The strength of the US Dollar and increased surcharges on both long haul and short haul flights have improved BA's revenue outlook.
BA reported revenue in the quarter was £2.1 billion, was up 8.3%.
Net debt was £2,527 million, down £395 million since the start of the financial year.
(SP/KMcA)
BA reported a £176 million operating profit up from £129 million in the same period last year.
The airline reported a rise in pre-tax profit of £124 million (2004, £75 million profit) for the first quarter to June 30, 2005.
Sir Rod Eddington, British Airways' Chief Executive, said: "These are good results despite a 37.6% increase in fuel costs. The improvement in passenger revenue is driven by more customers flying in our premium cabins".
However, he said that there was "still much work to be done to achieve a 10% operating margin."
Martin Broughton, British Airways' Chairman, said: "Record passenger loads in July indicate that the short term impact of the London bombings was not material although it is too early to say what the long term impact will be. When taken together with the uncertain economic outlook and volatility in both fuel prices and the US Dollar exchange rate, accurate forecasting is even more of a challenge than usual. Market conditions, however, remain broadly unchanged."
The strength of the US Dollar and increased surcharges on both long haul and short haul flights have improved BA's revenue outlook.
BA reported revenue in the quarter was £2.1 billion, was up 8.3%.
Net debt was £2,527 million, down £395 million since the start of the financial year.
(SP/KMcA)
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