24th Jun 2005 07:01
British Airways PLC24 June 2005 FUEL SURCHARGE INCREASED British Airways is to increase its fuel surcharge on flights from Monday 27June, 2005 as a result of further rises in the price of oil. The longhaul fuel surcharge on tickets sold and issued in the UK will increasefrom £16 per sector to £24 per sector (£48 return trip). The shorthaul fuelsurcharge will increase from £6 per sector to £8 (£16 a return trip). Martin George, British Airways' commercial director, said: "The continuing risein global oil prices to almost US$60 a barrel means a further surcharge increaseis regrettably unavoidable. We now expect our fuel bill for this financial yearto be around £1.6 billion. "Our estimated fuel bill for this year will now be more than £450 million higherthan our fuel costs last year. This additional fuel surcharge will help tooffset the recent sharp increases in the price of fuel." Total revenue for the year to March 2006 is now expected to improve by 4.5 - 5.5per cent, up from the 4 - 5 per cent figure issued at the airline's full yearresults on May 13, 2005, due to the impact of these latest fuel surcharges. The additional fuel surcharge only applies to tickets issued from Monday, June27, 2005. It does not apply to tickets already paid for and issued. ends Friday 24 June, 2005 Notes to editors: History of fuel surcharges on all British Airways' flights booked in the UKsince May 2004. May 13, 2004: Introduced a £2.50 per sector surcharge on longhaul and shorthaul.For all flights booked outside the UK the airline introduced a fuel surchargeof USD $4 per sector. August 11, 2004: Surcharge increased to £6 per sector on longhaul. Shorthaulremained at £2.50. Outside the UK, the longhaul fuel surcharge increased toUSD$10 per sector with shorthaul remaining at USD $4. October 14, 2004: Surcharge increased from £6 to £10 per sector on longhaul andfrom £2.50 to £4 per sector on shorthaul. Equivalent rises in other marketsoutside the UK. March 22, 2005: Surcharge increased from £10 to £16 per sector on longhaul andfrom £4 to £6 per sector on shorthaul. Equivalent rises in other markets outsidethe UK. Certain information included in this statement is forward-looking and involvesrisks and uncertainties that could cause actual results to differ materiallyfrom those expressed or implied by the forward looking statements. Forward-looking statements include, without limitation, projections relating toresults of operations and financial conditions and the Company's plans andobjectives for future operations, including, without limitation, expected futurerevenues, financing plans and expected expenditures and divestments. Allforward-looking statements in this report are based upon information known tothe Company on the date of this report. The Company undertakes no obligation topublicly update or revise any forward-looking statement, whether as a result ofnew information, future events or otherwise. It is not reasonably possible to itemise all of the many factors and specificevents that could cause the Company's forward looking statements to be incorrector that could otherwise have a material adverse effect on the future operationsor results of an airline operating in the global economy. Information on somefactors which could result in material difference to the results is available inthe Company's SEC filings, including, without limitation the Company's Report onForm 20-F for the year ended March 2004. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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