BA to reveal IFRS impacts in July
British Airways reports increase in operating profits, but will only reveal IFRS figures in July
British Airways saw its operating profits for the year ended 31 March 2005 increase from £405m in 2004 to £540m.
Link: BA reports profit rise
The airline also reduced its net debt, which fell by £1.2bn from £2.9bn.
BA, however, did not provide any concrete details on the impacts of new international accounting standards.
The company briefly mentioned that it had set up a working group to handle the IFRS transition, and would communicate further details in July.
‘An IFRS convergence project team was established in 2003 and reports to the Audit Committee quarterly,’ a BA statement said. ‘Progress continues in accordance with the project plan, and the project is on track.’