Solid Start For British Airways World Cargo (09/08/2004)

British Airways World Cargo (BAWC) has reported flown revenues of £118 million for the first quarter of the financial year, beginning April 2004. Flown revenue increased by 4% compared to the same period last year after taking into consideration the effect of the continued weakness of the US dollar.

The volume of cargo traffic carried across the airline's international network increased by 17% to 1,217m Cargo Tonne Kilometres (CTKs) from 1,040m CTKs at the comparative stage in 2003. The same period last year saw a number of disruptions to the schedule including the war in Iraq and SARS which affected the airline's capacity during this time.

Against a backdrop of continued unrest in Iraq and increasing fuel prices, BAWC has capitalised on extra capacity it added last year with the expansion of its freighter network. This was achieved through the introduction of a third 747-400F freighter supplied by GSS and the European shorthaul freighter program operated jointly with DHL.

Commenting on the results, Gareth Kirkwood, Managing Director, said:

"We have made a long-term commitment to our customers to grow our business to meet their requirements and we've started the new financial year in good shape. The results of the first quarter are encouraging and they show that we are going in the right direction. However, the environment remains tough and pressures on price continue to challenge the business so these figures should not lead to complacency.

"Going forward the business is continuing to grow, reflected in our announcement that we are adding a fourth 747-200F freighter to our network. This investment will enable the first direct freighter service from the UK to Shanghai and further additions to the schedule will include Chicago and Kuwait. As well as providing the right capacity solutions in the right places, we are continuing to work in partnership with our customers to deliver world-class service and this will remain our priority in the coming months."