BA in the Black

[Epsilon minus]

from E-Tid this morning
Quote
British Airways has reported a pre-tax profit of £241m for the three months ended 30 September 2005.
This compares with £293m in the second quarter of last year, which benefited from £86m from the sale of the airline’s shares in Qantas.

Revenues were up 8.2% year-on-year at £2.205bn, while quarterly operating profit improved by 6.5% to £261m. Unit costs increased by 2.2% as fuel expenses jumped by 51.3%.

Passenger carryings during the three months slipped by 0.6% to 9.767m, but load factor grew by 1.1 percentage points to 79.6%. Yields were up 1.3%, turning around a decline of 5.1% in Q204.

Commenting on the figures new chief executive, Willie Walsh, 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 that it is possible to offer world-class service while improving unit costs.’
Unquote
"Drive on Controllable Costs" looks like code for massive job cuts to me.

[BOAC]

"Drive on Controllable Costs" - in 'Walshspeak' is 're-energise on costs'. Sound more like a huge order for Red 'Bull' for Waterside to me.:D

[TURIN]

re-energise our drive on controllable costs.

Sounds like another nail in the coffin of the pensions!! :mad:

[Artificial Horizon]

This seems like a reasonable set of results to me considering the impact that the strike action must of had. Just look forward to seeing the "re-energisation" take place. Should be a very interesting time ahead for all of us!!

[GS-Alpha]

BA are paying off debt at an amazing rate. This has been to the detriment of their obligations to the pension fund.

They basically want us to help them on their way to the 10% operating margin by sorting out their pension problems for them. They might as well be asking us to take a huge pay cut to get there instead.

BA would look in much better financial shape had they spent the last year paying off the pension deficit rather than their debts. It has been their choice to do it this way around, and it has been because they think they can sucker the employees into reduced pension conditions this way.

What they are doing is IMORAL.

[Skipness One Echo]

Considering that they the debt paid for 57 B747-400s (brand new) and 45 B777-236s (also brand new) and more Minibuses than I can care to count then you see why it needs paid off sooner rather than later.
Not much point in people getting decidedly moist at the thought of the 744ADV or A380 if the company is still paying off the credit card bill.....

*"Concorde get your shiny used Concorde, three for a pound"*

or not.

Good luck to them. Whichever way you look at it, and most people look at it from in the sand where their head is, the entire pensions systems is "foxtrot ******* charlie kilo" ed.
Can I say that? Oh well.

Skip

[apaddyinuk]

Well heres hoping for profit share again but after the summer fiasco I doubt it!!!