Reported flown revenues of GBP239 million
LONDON (British World Cargo) - Reported flown revenues of £239 million were reported by British Airways World Cargo for the first half of the financial year beginning April 2005, a marginal increase of 1.3% against the same period last year. When the effect of the exchange rate is removed flown revenues are flat.
Yield (revenue per Cargo Tonne Kilometre (CTK) was up 3.4% for the half year. When the effect of the exchange rate is removed, yield increased 2.9% against the same period last year. Volumes fell by 2.1% to 2,368 million CTKs.
Steve Gunning, head of finance, said: "Our half year results reflect the ongoing challenges we are facing in many markets throughout the world. Intense competition is continuing particularly in Europe and Africa. Garment and perishables legislation has altered trade patterns and high fuel costs continue to impact our business. However, we remain committed to supporting yield wherever possible to ensure the long term success of our business and the air cargo industry."
Gareth Kirkwood, managing director, said: "Whilst operating conditions remain tough, we are working hard to develop our business by maintaining yield and investing in our global network. We recently added freighter capacity in Hong Kong and Delhi and launched an expanded shorthaul freighter programme in Europe. In addition, customers are benefiting from new line flights in Shanghai, Chennai and Bangalore. With work on our £15 million bespoke premium handling facility at Heathrow now underway we are entering an exciting period of growth and development."