USAir pleases BA with narrower loss
Thursday 20 April 1995
BA, dogged by suggestions that it might write down its £187m USAir stake, said the results showed that actions taken by its chairman, Seth Schofield, were taking effect.
However, USAir, which yesterday reported a net loss of $96.9m, following $196.7m a year earlier, said nothing about the crucial restructuring talks being held with the unions.
USAir, 25 per cent-owned by BA, said the improved results were due to cost-cutting and stronger passenger traffic. Mr Schofield said the outlook for the rest of 1995 was favourable, adding that passenger revenues in March had been a record for the company.
USAir sales rose nearly 5 per cent to $1.76bn, from $1.69bn. Shares, which have struggled in the past year, jumped $1 to $6.80, a gain of 17 per cent, on the New York Stock Exchange.
"I thought it was a very good quarter," said Candace Browning at Merrill Lynch, who expected to revise her forecast upwards. The company's cost- cutting moves are having "excellent" results, she added.
The airline carried 5.7 per cent more passengers in the first three months than in the first quarter of 1994. Mr Schofield noted that USAir ended the first quarter with more than $400m in cash and expects to end the year with at least that amount.
BA said it could only endorse Mr Schofield's comments: "The figures are encouraging. We have never doubted our investment in USAir."
Meanwhile, Rupert Murdoch's News Corporation appears to be in the final stages of selling its 50 per cent of Australia's Ansett airline to Air New Zealand. Local reports said they had agreed on a price of A$400m (£190m) to A$600m.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Tommy Ramone dies: Last surviving founder and drummer seminal punk band The Ramones dies aged 62
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...