British Airways said on Friday that its profit more than doubled in the fiscal year ending March 31.

The airline said net income 680 million pounds ($1.3 billion) for its 2008 fiscal year, compared to 290 million pounds the previous year. Sales were up 3.1 percent to 8.75 billion pounds ($17 billion).

Shares of British Airways rose 9 pence, or 4.02 percent to close at 233 pence on the London Stock Exchange.

In the first quarter, the airline opened a new terminal at London's Heathrow Airport but long flight cancellations and baggage mismanagement rendered the debut a failure.

Chief executive officer Willie Walsh said in a statement that despite the good financial results, he would turn down a 700,000 pounds bonus ($1.26 million) due to the difficulties encountered in the opening of the terminal.