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BA predicts return to profit
British Airways is predicting profit for this financial year following an improved third quarter.
BA reported pre-tax profits of £25 million in the last three months of 2002, compared to a loss of £160 million in the same period during 2001.
The carrier attributes its financial turnaround to the successful implementation of the streamlining initiative, “Future Size and Shape”, which includes reducing its workforce. In a statement BA said: “Manpower reductions since August 2001 total 9,209 and are on track to achieve 10,000 by March 2003 and 13,000 by March 2004.”
The results mean pre-tax profits in the first three quarters of this financial year are £335 million, compared to a £115 million loss during the same period in 2001.
BA chairman Lord Marshall said this financial year should be profitable, provided there was no war in the Middle East. He said BA was not predicting revenue growth for the next 12 months, because of political and economic uncertainty and increased competition.
BA also reported that more customers than ever are booking online. The carrier says its targets for internet bookings have been exceeded, with 37 per cent of the new fares being booked on its website.
Read our previous stories:
04-Feb-2003 Airline of the Year
09-Jan-2003 BA boosting Italian and Eastern European services
02-Jan-2003 Eddington takes charge of the AEA
19-Dec-2002 BMI wants BA slots
17-Dec-2002 BA pulls out of Cardiff and Leeds-Bradford
16-Dec-2002 BA signs up to FlightScanner
05-Dec-2002 BA: ‘GDS fees are outrageous’
06-Nov-2002 BA banking on key routes for 2003
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