More Information

More Information: "Reasonable results in Q2

� Pre-tax profit of �241 million
� Operating profit of �261 million
� Revenue up 8.2 per cent
� Unit costs up 2.2 per cent
� Fuel costs up 51.3 per cent
� Net debt down at �2.4 billion
British Airways today announced a pre-tax profit of �241 million (2004: �293 million) for the three months ended September 30, 2005. The 2004 result benefited by �86 million from the sale of shares in Qantas. The three month pre-tax figures took the result for the half-year to �365 million profit (2004: �368 million).
Operating profit for the quarter was �261 million (2004: �245 million). The operating margin was 11.8 per cent (2004: 12 per cent). Yields in the second quarter were up 1.3 per cent (2004: 5.1 per cent down). The operating profit for the half-year was �437 million (2004: �374 million) giving an operating margin of 10.2 per cent (0.7 points up).
The cost of the Gate Gourmet dispute and the associated unlawful industrial action is estimated at between �35-�45 million. This does not have a material impact on the quarterly financial comparisons as the airline also suffered operational disruption in the same period of last year.
The board has decided that no interim dividend should be paid.
Willie Walsh, British Airways� chief executive, said: �This is a reasonable set of results driven by improvements in revenue, seat factor and yield. It is clear, however, that we need to re-energise our drive on controllable costs. We have demonstrated time and again t"