British Airways Reports First Profit Of £158m In Two Years – Merger With Spain’s Iberia Airlines In 2011
UK Today News: British Airways Reports First Profit Of £158m In Two Years – Merger With Spain’s Iberia Airlines In 2011
British Airways has registered a profit on it’s financial sheets, for the first time in nearly two years. The UK airline carrier has reported to have earned a profit worth £158 million on a bi-annual basis. Meanwhile, the company is also looking forward to merge with the Spain’s Iberia airlines, which has registered a profit worth €53 million.
Experts predicted that British Airways would earn only £75 million bi-annually, which is almost half of what it has currently earned. The revenue for the airlines went up by 4.4%, amounting to £4.4 billion, thanks to the steep rise in cargo revenue in the country.
British Airways has also announced the it will be merging with Iberia Airline on the 21st of January. The merger is expected to boost the revenue of both companies from the first year itself. In addition to this, it has stated that there would be a basic pay rise annually- by 12% or £825,000. Officials at the British Airways will possibly receive a hike in the salary, which is a very strong sign that the company is indeed coming out from its losses, and heading towards strong growth.