British Airways increases annual profits despite poor 4th quarter
British Airways’ fiscal fourth quarter net profit declined 25 percent for the period ended March 31, to '9 million ($17 million), compared to '12 million in the same period the year before, but its annual profits improved.
British Airways’ fourth quarter operating profit was up 25 percent to '40 million ($74 million) from '32 million in the first quarter of 2003. Revenues rose 1.9 percent to '1.88 billion ($3.5 billion).
For the full fiscal year, ended March 31, British Airways’ net profits soared 93 percent to '251 million ($466 million) from '129 million in the year-earlier period. Operating profit increased 33 percent to '540 million ($1 billion), while total revenues improved 3 percent to '7.8 billion ($14.5 billion). Revenues from cargo rose 4 percent to '482 million ($895 million).
Over the financial year, British Airways handled 4.9 billion cargo ton-kilometers, an 11 percent increase over the last financial year.
“Market conditions remain broadly unchanged. For the year to March 2006, total revenue is expected to improve by 4-5 percent, up from 3-4 percent due to the impact of the latest fuel surcharges. Capacity and volumes are expected to increase by about 3 per cent with total yield flat,” said Martin Broughton, British Airways chairman.