British Airways Shares Rise Despite Falling Profit Figures

Despite a decline in pre-tax profits, British Airways shares jumped nearly 3% in value as investors reassessed the airline's financial performance. The airline's pre-tax profits dipped 61% to £225 million, but this was within the analysts' forecast range, and a rise in the shares' value suggests market confidence in the company's future prospects.

Key Takeaways:

• British Airways' pre-tax profits fell by 61% to £225 million, within the range of analysts' forecasts.
• The airline's shares rose by almost 3% in value, despite the decline in profits.
• The FTSE-100 Index tumbled following Monday night's fall on Wall Street, but later rebounded to close 72.8 points down at 6249.3.
• Allied Domecq's £2.4 billion deal to sell its pubs business to Whitbread was finally signed, with shares in Allied climbing 25p to 5761/2p.
• National Grid unveiled its full-year results, showing profits at the higher end of expectations, but its shares closed down 61/4p to 4281/4p.
• Cortecs announced the abandonment of its osteoporosis treatment Macritinon, causing its shares to plummet by 23% to 151/2p.
• Psion's shares fell 43p to 7891/2p despite news of a new backer, Matsushita, taking an 8% stake in the Symbian joint venture.

Statistics:

• British Airways' pre-tax profits fell by 61% to £225 million.
• The shares in British Airways rose by 12p to 4691/2p.
• The FTSE-100 Index fell by 138 points before rebounding to close 72.8 points down.
• The Dow Jones Industrial Average recorded the biggest fall on Wall Street.
• Allied Domecq's deal to sell its pubs business to Whitbread was worth £2.4 billion.
• National Grid's shares closed down 61/4p to 4281/4p.
• Cortecs' shares plummeted by 23% to 151/2p.
• Psion's shares fell 43p to 7891/2p.

Sources:

• "Shares in British Airways shrug off falling profit figures" - The [news source not specified]
• "Business leaders urged to back plan to boost profits in energy sector" - [news source not specified]