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Problems remain despite increase in BA profits
Cost cutting measures helped British Airways post better than expected results for the first quarter to June 30, even though revenues were down on last year.
The carrier posted a pre-tax profit of £65million, compared to £40million for the same quarter last year. Revenues fell 10.7% to £2,052million.
BA said the improved results were down to reductions in all areas of operating costs, including manpower, fuel and selling.
However the airline’s shares dipped slightly early on Friday morning due to a warning that full year revenues are expected to be lower than last year.
Chairman Lord Marshall said: “The travel market continues to be subject to considerable global economic and political uncertainty, and is expected to remain soft for the remainder of the year. As a result, full year total group revenues are expected to be lower than last year and improvement in operating results will come principally through cost reductions.
“We remain confident that the implementation of our Future Size and Shape programme will deliver the expected efficiencies over this and the next financial year.”
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