London - British Airways BA) Friday announced a 45-per cent rise in pre-tax profits to 883 million pounds (1.76 billion dollars) in fiscal 2007-2008 despite soaring oil prices and the chaos surrounding the opening of the new T5 terminal in March. The airline said that despite the "outstanding financial result" for the year ending March 31, 2008, it was facing challenges over fuel costs and a general climate of economic uncertainty.
Chief executive Willie Walsh said the "record results" meant that shareholders would be paid a dividend for the first time in 2001.
He also confirmed in a BBC interview that he would not take a bonus in excess of 700,000 pounds he would have been entitled to. Walsh said cost-cutting and restructuring measures had helped the business results.
But analysts pointed out that the turbulence and chaos surrounding the T5 opening at Heathrow airport, which has led to a sharp fall in consumer confidence in the airline, were not reflected in the figures published Friday.
