British Airways hits £694 million profit for the fiscal-year
Published: 20/05/08
In a climate of increasing fuel surcharges and an economic slump British Airways has announced profits of GBP694 million (USD1.35 billion) for the year ending 31 Mar 2008.
Willie Walsh BAs CEO commented that the airline had stayed focused for the long term, resolving issues such as the pension deficit and concentrating on the fudamentals leading to a strengthening of the businesses balance sheet. Operating margin had increased to 10 per cent whilst total revenue was up 3.1 per cent to GBP8.75 billion. Walsh added that due to the still increasing fuel costs and the delayed move of all flights to London Heathrows T5 Terminal the full year would be challanging.
British Airways also began the first step to begin flights to New York JFK from Paris Orly when their transatlantic subsidiary Open Skies received the go ahead from the US Department of Transportation (DOT). The DOT also approved that the subsidiary could enter a codeshare agreement with French premium carrier LAvion.