p15 City jan30 28/1/09 13:32 Page 15
ttglive.com
city & finance news
Flyglobespan
BA shares fall as carrier
‘back in black’
FLYGLOBESPAN has said
forecasts a £150m loss
it returned to the black
last year, making a £1.2m
profit for the 12 months to
Chris Gray.
But it warned that non-fuel
-8.5%
October 2008. BRITISH AIRWAYS has warned it is costs were expected to rise 8%
Chairman Tom Dalrymple heading for a full-year loss of year-on-year compared with
said in a trading statement £150m as the weak pound pushes previous guidance of 5%.
that the results showed the Tom Dalrymple: Loss up currency costs. BA said this meant that results
£19m loss made in the year in 2007 was “a blip” BA shares dropped 8.5% on for the third quarter to December
to October 2007 was a “blip”. Monday after the airline issued a BA share price on Monday 31, 2008, were expected to show an
Dalrymple said the results proved he was right trading statement warning that the operating loss of about £50m.
when he said in 2007 that that loss was a one-off outlook for the year to the end of March 2009 If exchange rates remained the same, the car-
caused mainly by the poor performance of two had been hit by further economic weakness and rier said its operating loss was expected to grow
aircraft leased from Icelandair. The airline has the fall in the value of sterling. to about £150m for the year to March 31, 2009.
started flying only its own aircraft. The prediction marked a change from BA’s The fall in BA shares cast further doubt over
A spokesman said turnover had fallen from previous estimate, in November last year, that it the airline’s planned merger with Iberia. Chief
£270m last year to £250m as a result of dropping would make a small profit over the 12 months, executive Willie Walsh has said he would not
transatlantic routes and increased efficiency. despite a 92% fall in profits for the six months proceed with a deal at current share valuations.
Dalrymple added that the charter side of the to the end of September. However, some analysts said the talks, which
business was developing, with two Ministry of BA said it continued to forecast a 4% year-on- have become mired in negotiations over BA pen-
Defence contracts to fly to the Falklands and year increase in revenue, and that passenger vol- sions, had months go and share valuations could
Qatar creating new revenue streams. umes were in line with the rest of the market. change greatly before they reached completion.
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