British Airways (BA) tripled second-quarter operating profit today to easily beating market expectations and said cost cutting would help restore full-year profitability.
BA posted operating profits of £248 million sterling, up from £72 million last year when it was hit by the closure of US airspace after the terrorist attacks on New York and Washington.
The carrier has been cutting 13,000 jobs, simplifying its fleet, cutting capacity and adopting online ticketing tactics used by budget airlines in an attempt to tackle its high cost base.
BA chairman Mr Colin Marshall said although the travel market continues to suffer economic and political uncertainty, the revenue outlook has stabilised.
"In the absence of war or terrorist action, we are expected to return our business to profitability for the full year," he said.