Business travel drives passenger surge at BAA airports
Aided by surging business travel, losses drop at BAA in the first nine months of the year.
Airport news for Flights,Heathrow on 28/10/2010.
Airport operator BAA has managed to get losses down for the first nine months of 2010. BAA, which is the UK’s biggest airport operator, said surging business travel had helped it reduce pre-tax losses through the nine months to the end of September.
BAA said losses fell to £192.6 million, a drop of 75 per cent from the £784.7-million loss suffered in the same period of 2009. At the same time, revenues were up by 4.4 per cent, to £1.54 billion. BAA, which owns Heathrow airport, is part of Ferrovial, the Spanish infrastructure group.
BAA said passenger traffic through Heathrow, the busiest of London’s airports, was up to 19.5 million over the months from July and September. This is 4.4 per cent up on the same period last year. BAA said burgeoning global travel helped make up for weakness in the domestic economy.
The good news for BAA comes as the company plans to issued bonds for use refinancing some of its £2 billion in debt. BAA recently lost an appeal against a ruling by the Competition Commission forcing it to sell Stansted airport and either Glasgow airport or Edinburgh.