And why is foreign ownership bad...

[Freddie Spencer]

How much did DL make?

Despite rising fuel prices, an economic slowdown and the troubled opening of London Heathrow's Terminal 5 in the last days of its fiscal year, British Airways reported a record profit performance for the year ended March 31 with net income of £694 million ($1.35 billion), more than double the £304 million it earned in the prior year.
It also delivered on its goal of a 10% operating margin for the 12-month period. Total revenue was up 3.1% to £8.75 billion while operating expenses rose just 0.7% to £7.87 billion. Operating profit climbed 45.3% to £875 million from £602 million a year earlier.
CEO Willie Walsh commented, "Delivering 10% has not been easy, but we have achieved it by remaining focused on our strategy for the last six years. We tackled our pension deficit and we have strengthened the fundamentals of our balance sheet while at the same time growing a profitable business."
Full-year passenger revenue rose 3.8% to £7.5 billion on a 0.3% increase in passengers carried to 33.1 million. RPKs inched up 0.1% to 113.01 billion and capacity grew 0.8% to 149.57 billion ASKs, producing a load factor of 75.6%, down 0.5 point. Yield lifted 3.6% to 6.67 pence owing to an improved mix of premium traffic and the effect of fuel surcharge increases. Premium cabin traffic grew 4.4%. RASK was up 2.9% to 5.04 pence. Cargo revenue increased 3% to £616 million but cargo yield dropped 1.2% to 12.59 pence

 

[AA717driver]

Because it's un-American. (Except for the fact that U.S. conglomerates have owned foreign companies since WWII...)

What I'm wondering is after all the raping and pillaging done by good old, red-blooded Americans in management, exactly how much worse could a foreigner be? TC

 

[clippyrip]

I second that. American representation has not been too impressive thus far. Lets get some Brits or someone that will get us a profit and a pay raise. It should not be an option for a company to make money by slimming down benefits and pay checks.

 

[grog_sit_reserv]

I think its more about allowing a foreign interest to control something as vital to the country as transportation.

 

[BoilerUP]

I think its more about allowing a foreign interest to control something as vital to the country as transportation.

Too bad foreigners already own and control large municipal utilities (water, electric, gas) as well as a vast majority of our country's port system.

 

[AA717driver]

Too bad foreigners already own and control large municipal utilities (water, electric, gas) as well as a vast majority of our country's port system.

Bill Clinton tried to sell the Long Beach Navy Yard (or was it the whole port?) to the Chinese. Bush did the Dubai Ports deal.

Our politicians are whores. They must not have found a way to profit from foreign ownership of the airlines--yet. TC

 

[sqwkvfr]

I think its more about allowing a foreign interest to control something as vital to the country as transportation.

Signature is owned by a foreign company.

 

[grog_sit_reserv]

Signature is a lot lower profile than say... American Airlines....

The dubai port thing got killed by congress. The port of la is still run by the port authority of Los Angeles.

 

[grog_sit_reserv]

Oh, and yes, politicians are F'ing Whores....

 

[BoilerUP]

The dubai port thing got killed by congress. The port of la is still run by the port authority of Los Angeles.

Not entirely accurate...

Dubai Ports World bought Peninsular and Oriental which operated NYC, Newark, Miama, etc. Congress attempted to block the deal, but Bush threatened to veto any legislation accomplishing such. A rider was attached to a later bill, but it was cut before final passage.

Some months after the controversy died down, DPW eventually sold the American operation to a subsidiary of AIG.

 

[grog_sit_reserv]

Agreed, but I still stand by my "F'ing Whores" comment.

 

[BoilerUP]

Agreed, but I still stand by my "F'ing Whores" comment.

Doubly agreed!

 

[dbrownie]

Doubly agreed!

Un-Believable what isn't for sale in America???

DB

Spanish firm offers $12.8 billion to lease Pa. Turnpike

By Paul Nussbaum
INQUIRER STAFF WRITER

A Spanish toll-road operator won the bidding war to operate the Pennsylvania Turnpike, offering $12.8 billion for a 75-year lease, Gov. Rendell said today.

The proposal by Abertis Infraestructuras, of Barcelona, must be approved by the Pennsylvania legislature, and legislative leaders in Harrisburg have said the plan faces tough sledding with lawmakers.

In making the largest bid ever for the private operation of a U.S. toll road, Abertis partnered with a subsidiary of U.S. investment bank Citigroup, and Spanish investment firm Criteria CaixaCorp.

Abertis operates toll roads in Spain, France, Italy, the United Kingdom, Argentina and Puerto Rico. The company also operates airports, telecommunications systems and parking garages.

Under Rendell's plan, the Abertis/Citi consortium would lease the turnpike for 75 years with the right to raise tolls 25 percent next year and 2.5 percent or the rate of inflation every year after that.

Rendell called the lease plan "a very good deal for Pennsylvania drivers and taxpayers," and he said it would mean about $1.1 billion per year for road, bridge and transit projects in the state, on average, over the next 10 years.

Under the terms of the lease, the private operator would be required to maintain and improve the turnpike and honor existing labor contracts until they expire. At that point, employee unions would need to negotiate new contracts with the Abertis/Citi consortium.

If approved, the turnpike lease would mean the end of embattled efforts to toll I-80 as a way to raise transportation funds. And it would mean the effective end to the 70-year-old Turnpike Commission, the politically powerful agency that operates the toll road.

 

[zasca]

BA practically owns Heathrow, which I believe is the busiest in the world for international departures, which is where you make margins like that...

 

[chuckthepilot]

Would this open up a lot of doors? Maybe even ab initio training?

Not saying it's a good thing,

 

[waveflyer]

let's say turnaround's fair play-- and continental bought air france--- would you integrate the seniority lists? would you want access to their flying?

i'm of the opinion that it can't get much worse- but the naysayers think of mexican/s. american pilots flowing into the u.s. and doing the job for a LOT less than we could imagine.

 

[lionflyer]

let's say turnaround's fair play-- and continental bought air france--- would you integrate the seniority lists? would you want access to their flying?

i'm of the opinion that it can't get much worse- but the naysayers think of mexican/s. american pilots flowing into the u.s. and doing the job for a LOT less than we could imagine.

Have you ever heard Mexicana on the radio? Could you imagin that everywhere?

 

[flyburg]

BA practically owns Heathrow, which I believe is the busiest in the world for international departures, which is where you make margins like that...

Actually BAA (british airport authority) owns LHR, BAA in turn is owned by a spanish company.

LHR is the most expensive airport for operators in Europe followed by AMS.

So BA's high profits are not because LHR but in spite of.

 

[yournextFO]

Foreign ownership? Before long domestic crews will be staged out of India and paid 35 cents/hour!

 

[Rez O. Lewshun]

You got it...

Foreign ownership means foreign jobs...

Can some explain why they think foreign ownership means that we will still be working?