16-05-2008
BA reports strong rise in profits
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UK airline British Airways (BA) has reported details of a strong rise in profits.
Represented in annualised terms, profits at the airline have increased by a total of 45 per cent, a level which the company's head Willie Walsh has referred to as an "outstanding" achievement.
Specifically, over the period of a year up to the end of March 2008, BA generated profit levels of £883 million.
"We operate in a volatile market and this year has been no different. We have continued to work hard on our costs savings to deliver these strong results," said Mr Walsh.
And in an interview with the BBC, Mr Walsh noted that he would not be taking his annual bonus, stating: "I thought it would be inappropriate that I be paid a bonus."
The bonus payment to Mr Walsh could have been up to a maximum of £700,000.
BA was established in 1974, following the merger of British European Airways and the British Overseas Airways Corporation.