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British Airways Posts Surprise Profit
Beleaguered airline British Airways (BA), which already faces legal action, brought by the Unite union for allegedly violating the terms of its employment contracts for cabin crew, was in the news again on Friday morning. BA posted an operating profit of £25 million in the three months to the end of December, its first quarterly operating profit for over a year, compared with market expectations of a loss of between £90 million and £100 million.
Dominic Turner
shareprices.com - Friday, February 05, 2010
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Nevertheless, revenue in the third quarter fell by 12.9% or 18% at a constant exchange rate contributing to a pre-tax loss of £50 million for the third quarter and a pre-tax loss of £342 million for the first nine months of the financial year. Declining revenues, particularly from its first class and business class services, has been a constant problem in what has been a disastrous year for BA. That said, its share price had increased by over 10% since the start of the year prior to the latest announcement but, approaching midday on Friday, was down 4p or 1.89% at 207.3p. According to a poll of industry analysts, BA is on course to post a full-year pre-tax loss of £627 million, whilst budget carriers easyJet and Ryanair recently raised their profit forecasts.
The weakness in British Airways' share price contributed to a fall for the FTSE 100 index which at midday was down 82.53 points or 1.6% at 5,056.78 and heading for its biggest weekly fall since October.
FTSE 100 Latest
| Value | Change |
| 5,603.42 | 37.17  |
