British Airways today announced a turnaround in fortunes, reporting a massive jump in profits over the past year.
Pre-tax profits for the year to March 31 came in at £150 million, against a profit of just £5 million the previous year - BA's toughest since privatisation.
Rod Eddington, BA's Australian chief executive who took over at the helm last May, charged with lifting BA out of turbulence, said: "This is an encouraging set of figures showing that our business strategy is delivering results."
Operating profits more than quadrupled to £380 million, despite fuel costs coming in nearly £300 million higher than the previous year, while turnover rose nearly 4% to £9.28 billion.
The airline said the profits hike reflected its new aircraft fleet, successful new products especially its Club World flat beds for business class passengers - and cost cuttings.
It marks a turnaround in fortunes for BA, which had last year been hit by fierce competition from rivals, costs of restructuring and higher fuel prices.
However, the airline has cut back capacity on routes and targeted higher spending passengers, as well as bringing in new services such as the flat beds.
It said today that over the last year, passenger capacity was down 3.3%, while passenger yields were up 7.7% - the biggest year-over-year rise since its 1987 privatisation.
Its fleet of aircraft decreased by 28 during the year to 338 planes.
Commenting on cost reduction measures made over the last year, Mr Eddington said the group had made "some useful savings across the business", including in finance, catering costs, and a reduction of staff across the business.
He added the firm could continue to see some reduction in numbers, although declined to say how many could be affected.
There has been speculation BA was close to a £100 million deal to sell Go to venture capital group 3i.
The airline said today it expected to conclude the sale shortly and achieve a "substantial profit" on its £25 million investment in the business.
However Mr Eddington said: "I never put a time frame on Go. I'm determined to get a sensible price for it. I will sell it when I get the price I want and I'm confident I will get that.
"I'm confident it will complete with 3i but there are a couple of others waiting in the wings."
Mr Eddington also said he was confident of getting Concorde flying again by late summer.
Concorde was grounded following the Air France Concorde crash in Paris last July which killed more than 100 people.
Modifications to Concorde's fuel tanks are being made and the airline said it was confident that the Civil Aviation Authority in the UK would re-issue the certificate of airworthiness for the planes.
Mr Eddington today said: "I am confident we will have it (Concorde) back in the air by late summer."
However he added: "It is the regulator that has the final call not the airline."
In the City, shares in the airline rose nearly 3%, up 93/4p at 3661/4p, as investors gave the thumbs-up to BA's results.
Shareholders in the company will be paid a total dividend of 17.9p, the same as last year.