BA Cargo volume up 4%, fuel costs increase 51%

BA Cargo volume up 4%, fuel costs increase 51% British Airways World Cargo said Friday its freight volume increased 4.1 percent for the first quarter of the financial year while cargo capacity was down 3 percent.
   Driven yield (commercial revenue per cargo ton kilometer) rose 14.6 percent for the quarter ending June 30. Revenue, after adjusting for currency exchange rates and including fuel surcharges, was $350 million, up 22 percent from April through June compared to the same period last year.
   'Generating a 4 percent growth in volumes in spite of difficult market conditions is a pleasing achievement for the business,” said Sean Doyle, financial controller, BA World Cargo, in a statement. “Volume growth aside, the increase in revenue also reflects significantly higher levels of fuel surcharge revenues which only partially offset the impact of unprecedented oil prices on BA's operating profits.”
   The first quarter of the financial year also saw a 51.2 percent increase in British Airways' fuel bill versus last year. Net profits were not released by the airline.
   'These are an encouraging set of results,” said Steve Gunning, managing director for BA World Cargo. “However, with both the price of fuel continuing to be high and consumer demand on the high street uncertain, there are difficult times ahead for carriers. Our focus over the coming months will be on delivering a robust cargo operation for our customers, which in turn will ultimately support the corporate financial goals of British Airways.'