UK airports operator BAA has reported a full-year pre-tax loss of £316.6 million ($511.1 million), a 61% improvement over the £821.9 million pre-tax loss incurred in 2009.
The results cover London's Heathrow and Stansted airports and are compared with 2009's results which included operating figures for London Gatwick. The 2009 figures also included a £277 million loss related to the disposal of Gatwick.
BAA's revenue for the 12-month period ended 31 December increased by 4.9% to £2.07 billion. Operating profit rose to £548.7 million from £255.7 million a year earlier.
Passenger numbers for the year fell by 1.8% to 84.3 million. This included a 0.2% drop at Heathrow to 65.7 million and a 7% drop at Stansted to 18.6 million.
"We delivered a robust financial performance in 2010, despite the volcanic ash, strikes and snow that affected major airports across Europe and North America. Strong passenger growth at Heathrow in the second half of the year reflected the ongoing improvement in the global economic climate," says BAA chief executive Colin Matthews.
"In 2011, we expect to deliver a strong increase in profits and cash flow, enabling us to make further investments in improving facilities and further strengthening our financial position."
BAA will learn next month whether the UK Competition Commission will press ahead with plans to force it to divest Stansted and one of its Scottish airports, or whether it has decided that circumstances have changed enough since last year to warrant a review of the plan.
Source: Air Transport Intelligence news
