Fuente : British Airways
http://www.britishairways.com/

BRITISH AIRWAYS:GOOD Q1 RESULTS

/noticias.info/ · Pre-tax profit of £124 million
· Operating profit of £176 million
· Operating margin of 8.5 per cent
· Revenue up 8.3 per cent to £2.1 billion

· Net unit costs improve 0.1 per cent

· Net debt down at £2.5 billion

British Airways today reported its quarterly financial results for the period ending June 30th, 2005, prepared under International Financial Reporting Standards (IFRS). All comparative results are also reported under IFRS.

The airline reported a pre-tax profit of £124 million (2004: £75 million profit) for the first quarter to June 30, 2005.

The operating profit for the first quarter was £176 million (2004: £129 million profit) delivering an operating margin of 8.5 per cent (2004: 6.8 per cent).

Sir Rod Eddington, British Airways' chief executive, said: "These are good results despite a
37.6 per cent increase in fuel costs. The improvement in passenger revenue is driven by more customers flying in our premium cabins.

"During the quarter we continued to improve the service we offer to our customers. Online customers can now book hotels, car hire and sightseeing tours on ba.com, as well as flights, in a single transaction. Online boarding passes are now accepted at 53 airports and the use of e-tickets continues to rise with 94 per cent of our customers using them on eligible routes.

"We began new services to Shanghai, announced plans to increase flights to India and will next year add four new European destinations to our network. We have fitted our award winning Club World flat beds on four Boeing 767s. We have improved our Skyflyers service for families with a refurbished lounge at Heathrow Terminal 1. We were also delighted to back the winning bid to stage the Olympics in London in 2012.

"Finally, these are my last quarterly financial results at the airline and I would like to thank our staff for their support during the last five years. Their commitment to rebuilding our business has helped return British Airways to the top of the airline operating profit league table.

"There is still much work to be done to achieve a 10 per cent operating margin and I am confident that under Willie Walsh's leadership, our people will continue to rise to the challenge."

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 continuing strength of the US Dollar and increased surcharges have improved the revenue outlook. We now expect total revenue for the year to March 2006 to grow by 5.5 - 6.5 per cent. Capacity and volume are still expected to increase by about 3 per cent with total yield flat.

"We now expect fuel costs, net of hedging, to be about £525 million more than last year, a further increase of £75 million, largely driven by the stronger US Dollar."

In a tribute to Sir Rod Eddington, he added: "British Airways has become a leaner and more robust company under Rod's leadership, with a loyal, motivated workforce. His legacy is the culture change he has introduced across the company, in particular, the widespread acceptance and understanding of the need to achieve a 10 per cent operating margin."

Passenger capacity, measured in available seat kilometres (ASKs), increased by 1.5 per cent for the quarter and revenue passenger kilometres (RPKs) were up 2.5 per cent. Seat factor was up 0.7 points at a record 75.6 per cent in the quarter.

Yield measured as pence per RPK increased by 1.5 per cent - driven by more premium traffic.

Cargo volumes, measured in cargo tonne kilometers (CTKs), were down 2.6 per cent compared with last year, with yields up 2.7 per cent. Overall load factor was 69 per cent, down 0.2 points on last year.

Total costs were up by 6.2 per cent largely driven by a 37.6 per cent increase in the cost of fuel. Selling costs reduced by 21.7 per cent due to travel agents' commission restructuring and increased online sales. Net unit costs improved by 0.1 per cent in the same period.

Employee costs rose 5.4 per cent reflecting wage awards and increased pension costs, only partially offset by manpower reductions.

Revenue in the quarter, at £2.1 billion, was up 8.3 per cent. Net debt was £2,527 million, down £395 million since the start of the financial year. notas_de_prensa_archivo