British Airways PLC revised its annual profit upward Monday as it announced figures in line with International Financial Reporting Standards.
The airline said net profit for the year ended March 31 was $664.18 million (377 million pounds), up from the 251 million pounds it reported under the old accounting guidelines in May. Full-year revenue was $13.69 billion (7.77 billion pounds) under the new guidelines, compared to $13.73 billion (7.81 billion pounds) under the old guidelines.
“The impacts of new accounting rules on our income statement are minor. However, there will be a significant impact on our balance sheet,” said John Rishton, British Airways’ chief financial officer.
Rishton said under the international standards net assets at March 31 were reduced by $2.29 billion (1.3 billion pounds) to $2.47 billion (1.4 billion pounds), mainly due to moving the pension deficit onto the balance sheet.