BA results - Profit!

[ETOPS]

From the BA press release today


British Airways today (Tuesday) announced a pre-tax profit of £245 million (2001: £5m) for the three months ended September 30, 2002.

The three-month pre-tax figures took the result for the half-year to £310 million (2001: £45 million). Yields in the second quarter were up 1.2 per cent (2001: 6.1 per cent).

Operating profit for the quarter was £248 million (2001: £72 million). The figure for the six months was £406 million (2001: £122 million).

Group turnover for the second quarter was £2,104 million (2001: £2,251 million), down 6.5 per cent on a flying programme reduced by 10.1 per cent, measured in available seat kilometres (ASKs). Traffic volumes, measured in revenue passenger kilometres (RPKs), were down 6.8 per cent. Seat factor was up 2.8 points to 76.7 per cent.

Debt down

Operating cashflow for the six months was £756 million. After disposal proceeds, capital expenditure and interest, cash inflow was £738 million, a £684 million improvement. Debt is down by £1 billion since December, its lowest level since September 1999, to £5,524 million from £6,528 million.

British Airways today (Tuesday) announced a pre-tax profit of £245 million (2001: £5m) for the three months ended September 30, 2002.

The three-month pre-tax figures took the result for the half-year to £310 million (2001: £45 million). Yields in the second quarter were up 1.2 per cent (2001: 6.1 per cent).

Operating profit for the quarter was £248 million (2001: £72 million). The figure for the six months was £406 million (2001: £122 million).

Group turnover for the second quarter was £2,104 million (2001: £2,251 million), down 6.5 per cent on a flying programme reduced by 10.1 per cent, measured in available seat kilometres (ASKs). Traffic volumes, measured in revenue passenger kilometres (RPKs), were down 6.8 per cent. Seat factor was up 2.8 points to 76.7 per cent.

Debt down

Operating cashflow for the six months was £756 million. After disposal proceeds, capital expenditure and interest, cash inflow was £738 million, a £684 million improvement. Debt is down by £1 billion since December, its lowest level since September 1999, to £5,524 million from £6,528 million.

[AJ]

Good.

Not sure how much can be put down to the response to LCCs, but Rod seems to have reacted sensibly.

A nice surprise to have with my morning cup of tea.....

Here's to the future of aviation.

[Roobarb]

All credit where it’s due. This has been a hard year for all of us. But there are many debtors to be rewarded, not least some groups of staff. The danger is there’s a long way to go and we still need to see 13200 heads leave through the door. Flight Operations is now taking on pilots again which shows that we’ve run a tight ship. The trouble is the other departments in the airline who will now breath a sigh of relief and open up the throttle on the gravy train once more.

At a recent seminar with our Lord Protector, some suited numpty moaned how he’d trimmed his department back by 20% then 30% then 50% and was now getting by on the staff he had. When Capt Nigel stood up and said ‘If you’re managing now on less staff, what were you doing before?’, answer stunned silence.

Well done Big, could do better.

http://www.sausagenet.freeserve.co.uk/roobarb/roobarb_laugh.jpg
I’ll take on the opposition anyday. It’s my management I can’t beat!

[Suggs]

Roobarb

Feels good working for a profitable company, but we cannot stop here, just look at the back of BA News all the time wasters are coming back.

We still need to get rid of thousands of managers, reform cabin services, get rid of the nationalised working practises, go all ticket,repay the dividend, the list is endless.

The proof is in the figures, Rods done triffic but there is still a long way to go, but that meeting at Heathrow was great fun.

[mrsmaryhinge]

Well done BA.

I find it quite amusing that the minute BA evidently does something right, and suprises both the industry and the City with better than expected results, very little is written about it on PPrune.

Most people out there appear to be very anti-BA, and this is indicated by the lack of postings on this subject. I wonder how many people would have taken the opportunity to lay into BA had they posted poor second quarter results.

Well done Rodders, keep it up. Its a simple fact. If BA do well, its better news all round for the UK industry.

M hINGE.

[Ray Ban]

Good on yer BA! The industry needs our flag carrier to do well. Still my favourite airline! ;)

[bean_counter]

It appears to me that this rather creditable performance was put in by the largely the same management team responsible for the previous poor performances.

Has replacing Bob A with Rod E been solely responsible for this transformation, what's going on ?

Also - on this forum a few months ago there was a long line of people claiming to be BA crew who were calling for a strike - to tear down and rebuild the company from scratch and also bring pay back into line with carriers like Southwest - what's happening to that situation now ?

These results suggest there is money available to reward the long suffering employees.