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| BA reports large jump in profits | BA reports large jump in profits |
| (10 minutes later) | |
| British Airways has reported a 45% rise in annual profits but warned that economic uncertainty and sky-high fuel costs pose challenges. | British Airways has reported a 45% rise in annual profits but warned that economic uncertainty and sky-high fuel costs pose challenges. |
| BA made a profit of £883m in the year to 31 March, which BA boss Willie Walsh called an "outstanding" result. | BA made a profit of £883m in the year to 31 March, which BA boss Willie Walsh called an "outstanding" result. |
| Mr Walsh said he would not be taking an annual bonus because of the problems at the opening of Heathrow's Terminal 5. | Mr Walsh said he would not be taking an annual bonus because of the problems at the opening of Heathrow's Terminal 5. |
| The airline warned that the problems with the move to Terminal 5 would hurt its earnings this year. | The airline warned that the problems with the move to Terminal 5 would hurt its earnings this year. |
| 'Volatile market' | 'Volatile market' |
| BA said the first quarter of the current financial year would be particularly difficult, with crude oil prices now at $115 a barrel - more than double the $58-a-barrel price seen a year ago. | BA said the first quarter of the current financial year would be particularly difficult, with crude oil prices now at $115 a barrel - more than double the $58-a-barrel price seen a year ago. |
| I thought it would be inappropriate that I be paid a bonus Willie Walsh, BA chief executive See BA's share price | I thought it would be inappropriate that I be paid a bonus Willie Walsh, BA chief executive See BA's share price |
| The airline's bill for the six million tonnes of jet fuel it uses in an average year was £124m higher than the previous year, despite significant hedging and a weaker dollar. | The airline's bill for the six million tonnes of jet fuel it uses in an average year was £124m higher than the previous year, despite significant hedging and a weaker dollar. |
| However, total operating costs were down 0.7% as a result of lower staff costs. | However, total operating costs were down 0.7% as a result of lower staff costs. |
| "We operate in a volatile market and this year has been no different," Mr Walsh said. | "We operate in a volatile market and this year has been no different," Mr Walsh said. |
| "We have continued to work hard on our costs savings to deliver these strong results." | "We have continued to work hard on our costs savings to deliver these strong results." |
| Unveiling its results, BA said that shareholders would receive their first dividend since 2001 and added that staff would share a £35m bonus. | |
| HAVE YOUR SAYI'm not surprised that BA have made so much profit with the prices they chargeMaggie Jones, CheltenhamSend us your comments | HAVE YOUR SAYI'm not surprised that BA have made so much profit with the prices they chargeMaggie Jones, CheltenhamSend us your comments |
| However, Mr Walsh said he had turned down his annual bonus after taking responsibility for the problems at Terminal 5. | However, Mr Walsh said he had turned down his annual bonus after taking responsibility for the problems at Terminal 5. |
| "I thought it would be inappropriate that I be paid a bonus," he told BBC News. | "I thought it would be inappropriate that I be paid a bonus," he told BBC News. |
| The airline forecast that revenue would rise by about 4% in the current financial year. | The airline forecast that revenue would rise by about 4% in the current financial year. |
| Tough year | Tough year |
| British Airways has been beset by problems this year. | British Airways has been beset by problems this year. |
| In addition to high fuel prices, its pilots have threatened to strike over the launch of a new subsidiary and the opening of Terminal 5 was regarded as a disaster. | In addition to high fuel prices, its pilots have threatened to strike over the launch of a new subsidiary and the opening of Terminal 5 was regarded as a disaster. |
| Staff at the new terminal were not able to get into work, thousands of bags were mislaid and flights were cancelled. | Staff at the new terminal were not able to get into work, thousands of bags were mislaid and flights were cancelled. |
| "The delayed transition to Terminal 5 affects both costs and revenue," BA said. | "The delayed transition to Terminal 5 affects both costs and revenue," BA said. |
| In early April, the airline said that the chaos surrounding the opening of Terminal 5 had so far cost about £16m. | In early April, the airline said that the chaos surrounding the opening of Terminal 5 had so far cost about £16m. |