British Airways fi manage Air Jamaica

[Hortical]

We have fareen cops a run tings, mek we turn over Air Jamaica to BA.

British Airways profits up by 45%

5 hours ago
British Airways has announced annual pre-tax profits of £883 million, but warned it was braced for a "challenging" year ahead due to sky-high oil prices and following its troubled move to Heathrow Terminal 5.
The airline's profits haul, up nearly 45% on the prior year, saw it meet a 10% profit margin target, triggering a £35 million bonus pool for the airline's 42,000 staff. It is also paying its first dividend since 2001.
But BA warned delays in the move to its new flagship Terminal 5, oil prices that have doubled year on year, and general economic uncertainty, would make the coming year "challenging".


BA chief executive Willie Walsh said that he would not be taking his bonus because of the Heathrow fiasco.
He told BBC Radio 4's Today programme: "I am not getting a bonus. I felt it would be inappropriate in the context of the very disappointing opening of Terminal 5 in March.


"So despite the fact it was a record year in terms of our financial performance, I advised the chairman that I thought it would be inappropriate. I have made it very clear I was very disappointed at the way we had performed."
But Mr Walsh, who came under pressure to quit following the T5 fiasco, was more upbeat about the results for the last financial year.
He said: "This is an outstanding financial result for the company despite rising fuel prices and significant economic slowdown in the last six months.


"We have achieved our goal of a 10% operating margin which I am delighted has triggered the reward scheme for our staff. For our shareholders too, it signals the welcome return of a dividend - the first since 2001."
He added: "Delivering 10% has not been easy, but we have achieved it by remaining focused on our strategy for the last six years.

[Karl]

Gleaner EDITORIAL: Take Air Jamaica out of its misery

EDITORIAL: Take Air Jamaica out of its misery
published: Friday | May 16, 2008


Most of us love Air Jamaica - very much. For nearly four decades it has been an iconic symbol of Jamaica, a source of swelling pride. We have had reason to be proud. Air Jamaica's safety record and brand recognition are exemplary.

But there comes a time when you accept that sentiment is unsustainable, and that the time has come for tough decisions. That time is long past for Air Jamaica; for us to bring its agony to an end. Air Jamaica has bled too profusely for too long. It must be put out of its misery.

The fact is, in the last financial year Air Jamaica recorded an operating loss of over US$170 million, and most optimistic assessment is that it will rack up a similar, or worse, loss in 2008. That is well beyond the US$30 million the Government set aside in the current national budget as a subsidy for the airline. Those projections do not include the amounts the Government will have to contribute towards servicing Air Jamaica's debts, which are part of the contingent liability of the Jamaican state.

Accumulated losses
Indeed, over the last decade, the airline has racked up accumulated losses of over US$1 billion, more than on-budget allocations over the same period for the national infrastructure. Losses of this magnitude are clearly unsustainable and there can be no credible argument for Jamaican taxpayers to continue to bear this burden. Air Jamaica does not offer stable long-term conditions of employment to its estimated 2,500 staff. Nor is it capable anymore of giving timely performance to its much larger customer base.

While many of Air Jamaica's problems are accumulative, historic and sector-related, its difficulties are being exacerbated by its current leadership, which appears lacking. The board seems to be largely filled with political associates rather than persons with business experience. Their actions appear erratic and opaque.

The Hon Dennis Lalor has recently joined the board, presumably with the aim to help bring coherence to their actions to help with the task of divesting the airline, which the administration says should happen some time next year. Sadly, they don't have that long which, hopefully, is what Mr Lalor will tell his colleagues.

Firm deadlines
So, some firm deadlines must be established: divest the airline in three or four months or close it down. Maybe, as the Government says, someone will want to buy it - possibly Air China, Virgin, Iberia or the Emirates Group. Well, let them have a go. It is noted, though, that the last divestment initiative did not last and was not successful in making the airline profitable.

Once the administration is freed of the weight of Air Jamaica, the funds now being wasted will, hopefully, be used for what ought to be the Government's major responsibilities - health, education and national security.

For the last days of its life, the board of Air Jamaica should make its accounts and financial performance publicly available, as well as advising the public of the timetable for divestment or closure.


There are other publicly owned entities that are making large losses, and Prime Minister Golding must also be decisive about them and close as many as possible of these bottomless pits for public funding.

The opinions on this page, except for the above, do not necessarily reflect the views of The Gleaner. To respond to a Gleaner editorial, email us: editor@gleanerjm.com or fax: 922-6223. Responses should be no longer than 400 words. Not all responses will be published.

[Muadib]

Pride goeth before the fall...

[Mosiah]

The fact is, in the last financial year Air Jamaica recorded an operating loss of over US$170 million, and most optimistic assessment is that it will rack up a similar, or worse, loss in 2008.

No wonder Shirley suh quiet dese days.

[Muadib]

Pace yuhself.. yuh heartstring gwine buss..