BAA halves losses
AIRPORT operator BAA halved its first-half losses, helped by lower one-off charges, as passenger numbers fell 4.5 per cent on disruption caused by a volcanic ash cloud and strikes by British Airways staff.
BAA, which is owned by Spain’s Ferrovial, said its pre-tax loss narrowed to £279.7m as revenues climbed 2.2 per cent to £957.6m.
BAA, which owns Heathrow and Stansted airports, said both continued to benefit from strong retail momentum with income per passenger up ten per cent.
“Heathrow and Stansted delivered an encouraging performance during the first half of the year and this partly offset the impact of volcanic ash and the British Airways cabin crew strikes,” Colin Matthews, BAA’s chief executive, said.
The company took a £36m hit due to the spread of ash from an erupting volcano in Iceland, which grounded much of European air traffic for a week in April.