British Airways pre-tax profits down 18%

British Airways pre-tax profits down 18%

   British Airways’ said today pre-tax profits in its fiscal second quarter period ended Sept. 30 dropped 18 percent to '241 million ($426 million) from '293 million in the same period last year.

   BA’s second quarter operating profit was up 6.5 percent to '261 million ($461 million) from '245 million in the second quarter 2004. Revenue improved 8.2 percent to '2.20 billion ($3.89 billion).

   “We need to re-energize our drive on controllable costs,” said Willie Walsh, BA’s chief executive. “Costs are up in most areas. Fuel was the biggest single contributor, up a staggering 51.3 percent.”

   The airline said it has improved its revenue outlook for the rest of the year to 6 to 7 percent instead of 5.5 to 6.5 percent previously.