BRITISH AIRWAYS announced last Friday a pre-tax profit of ”620m in the
year to 31 March 2006 (2005: ”513m profit). The pre-tax profit for the
fourth quarter was ”91m (against a ”6m loss for the same period last
year). Net debt at ”1.6bn fell by ”1.3bn during the year, a ”5bn
reduction since its December 2001 peak. Willie Walsh, chief executive,
noted that the airline”s short haul business is now in profit for the
first time in ten years. He said that there was more to do. On the
subject of staff pensions he commented that he was pleased with the on
going dialogue BA was having with staff, trustees and trade unions on
this vital issue. ”Self-service check-in, both online and at airport
kiosks, has been very well received by our customers. We continue to
enhance and develop new products and this summer will upgrade our
inflight entertainment and introduce our new Club World flat bed.” In
announcing the results BA said that market conditions remain broadly
unchanged and noted the rise in fuel costs, but not the passenger
surcharges. The Board has recommended that no final dividend be paid.
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