British Airways revenue down 2.3%

British Airways revenue down 2.3% - financial/traffic highlights for the three months ended 30-Jun-2010:

• Revenue: GBP1,937 million, -2.3% year-on-year;
• Total costs: GBP2,009 million, -3.3%;
• Fuel: GBP592 million, +0.7%;
• Labour: GBP495 million, -6.1%;
• Landing and en route charges: GBP150 million, -9.1%;
• Operating profit (loss): (GBP72 million), compared with a loss of GBP94 million in p-c-p;
• Profit (loss) after tax: (GBP122 million), compared with a loss of GBp106 million in p-c-p;
• Net debt: GBP2,251 million, -0.7%;
• Cash and cash equivalents: GBP1,749 million, +39.0%;
• Operating cash flow: GBP186 million, compared with a negative traffic (RPKs): -14.9%;
• Passenger yield: GBP 6.88 pence, +13.5%;
• Cargo yield: +33.9%. [more]

British Airways: "While some economic experts are flagging the risk of a 'double dip' recession, the steady recovery continues and, on that basis, we continue to target to break-even at a profit before tax level for the full year as we move forward on our strategic objectives and continue to build on our excellent customer service," Company statement. Source: British Airways, 30-Jul-2010.

British Airways: "The trends in our passenger and cargo traffic continue to be positive with yields up and costs down. Together this led to a reduced operating loss for the period though pre-tax losses increased as a result of additional finance costs and the impact of non-cash foreign exchange movements," Willie Walsh, CEO. Source: British Airways, 30-Jul-2010.