bmi reports operating loss of £12m

Thursday, 25 Apr, 2002 0

bmi british midland suffered an operating loss of almost £12m last year as a result of falling demand after September 11.

The number of passengers carried declined by 5.2 percent to 6.7 million, from 7.1 million, which bmi said was “as a direct consequence of the tragic events in September”. The company estimates that £35 million revenue was lost as a result primarily through a significant drop in transfer passengers through the Heathrow hub post 11 September.

The company added that it does not expect an upturn in trading until next year. Chairman Sir Michael Bishop said: “Despite the early signs of the shoots of growth and some recovery in volume, yields continue to be under pressure and we do not anticipate that this trend will change significantly for the remainder of the year.

“The UK aviation market continues to be one of the most competitive in the world, but we remain committed to be a competitive force in a wide range of markets.”

Despite the operating loss, overall BMI pre-tax profits rose by 51.2 per cent from £8.2m to £12.4m, chiefly as a result of large exceptional gains from the sale of its ground handling operation to the Go-Ahead group.

bmi said that highlights during the year included:

the first major rebrand of the airline for nearly 20 years

investment in long haul equipment with the delivery of three Airbus A330 – 200 aircraft

investment in an innovative three class long haul product

re-entry into the transatlantic market with the launch of schedule services from Manchester to Washington DC and Chicago

application by bmi and United for anti-trust immunity from the United States Department of Transportation – this has now been approved subject to an open skies agreement between the UK and the USA

submission of a formal complaint to the European Commission contesting the legitimacy of the Bermuda II agreement

the announcement at the end of the year that bmi would enter the low cost market at East Midlands Airport with the launch of bmibaby.

Nium was founded on the mission to build the global payments infrastructure of tomorrow, today. With the onset of the on-demand...

Atout France guides and supports the French regions with their development strategy and helps set up investment projects in order...

Consisting of the three Maritime provinces of New Brunswick, Nova Scotia, and Prince Edward Island as well as Newfoundland and...

River cruising is a treat for the senses, allowing you to see, touch, feel and experience the world like never...

The Detroit Metro Convention & Visitors Bureau (DMCVB) is the only organization that promotes metro Detroit regionally, nationally and...

Family-owned Olympic Holidays has been arranging holidays to Greece, the Greek islands and Cyprus for more than half century. The company is unrivalled...

We understand the importance of personal touch We do things a bit differently at Eventsquid. We know that we could...

Swallows and Amazons is a Brazilian adventure tour company run by the husband and wife team of Tania and Mark...

Located in the Mediterranean and connecting Asia and European continents that are separated by the famous Bosphorus, Türkiye is a...

We’re the number one choice for travelers to the Greek Islands and Eastern Mediterranean – a fact we love to...

Why choose Titan Travel? There are some great travel companies out there – so why Titan? Well, we’re one of...

Ensuring our guests have an unforgettable experience while sailing with us is paramount; however, your health and safety remains our...

From the Tel Aviv beach scene to the shores of the Dead Sea, Israel layers diverse cultures, outdoor adventures, and...

Intrepid Travel is a world leader in sustainable experience-rich travel that has been taking travellers to discover the world’s most amazing places...

With long periods of Thailand’s History, according to evidences and studies, Sukhothai was the first kingdom of Thailand. At that time, an early Thai...

Discover Punta Gorda/Englewood Beach, also known as the Charlotte Harbor Gulf Island Coast. This natural wonderland is nestled in the...

Discover Sarawak Revealing a side of Asia unlike anywhere else, Sarawak offers an alternative for those seeking humble authenticity far...

We work with reliable data providers with global coverage, that guarantee data representativeness as well as compliance with International Personal...