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The airline, 75 per cent-owned by the Government, yesterday reported an annual net profit of $218 million, off 1 per cent on the 2007 year. Trading turnover rose 9.1 per cent to $4.667b.

A final 3.5c dividend increases the annual rate from 8c to 8.5c a share, excluding 2007’s special 10c dividend. The gross dividend yield of 12.686c gives a yield of 10.6 per cent, based on yesterday’s closing share price of 120, down 2c.

Chief executive Rob Fyfe said the volatility in fuel prices and uncertain economic conditions had made it difficult to accurately forecast a profit for next year. But the average cost of jet fuel would need to be below $US140 a barrel for the 2009 financial year for the airline to be profitable, he said.

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World-renowned Lotus Engineering has entered into a collaboration with Queen’s University Belfast and Jaguar Cars to develop an engine which maximizes fuel efficiency when running on renewable fuels. The OMNIVORE concept will employ novel engine architecture to achieve a high thermal efficiency when fuelled on any alcohols or gasoline.

The project is sponsored by Defra (Department for the Environment and Rural Affairs) and the DOE NI (Department of the Environment Northern Ireland) through the Renewable Materials LINK Programme. Lotus Engineering is currently undertaking a design study and the build of a single cylinder research engine for completion in January 2009. Vehicle modelling will validate the reduction in vehicle CO2 emissions Green-Business-Travel . Queen’s University of Belfast’s School of Mechanical and Aerospace Engineering will be adding its world leading expertise in engine simulation, with Jaguar Cars Ltd a consultative partner at all stages of development.

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The government owns hundreds of underground fuel tanks, several in Michigan, that need to be inspected for leaks of hazardous substances that could make local water undrinkable.

Many of the tanks were designed for emergencies back in the Cold War.

The Federal Emergency Management Agency has known since at least the 1990s that tanks under its supervision around the country could be leaking fuel into soil and groundwater, according to Associated Press interviews and research.

The agency knows of at least 150 underground tanks that must be inspected for leaks, says spokeswoman Debbie Wing. FEMA also is trying to determine by September whether an additional 124 tanks are underground or above ground and whether they are leaking.

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World Fuel Services Corporation, a global leader in the marketing and sale of marine, aviation and land fuel products and related services, today reported second quarter GAAP net income of $20.5 million, ($0.72 and $0.71 per share on a basic and diluted basis, respectively), compared to $17.0 million ($0.61 and $0.58 per share on a basic and diluted basis, respectively), in the second quarter of 2007. Non-GAAP net income for the second quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $22.8 million ($0.79 and $0.78 per share on a basic and diluted basis, respectively), compared to $18.7 million, ($0.67 and $0.64 per share on a basic and diluted basis, respectively), in the second quarter of 2007. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Tags: fuel costs, profit rising, World Fuel Services Corporation
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