Non-Subscriber Extract
BAA losses continue to deepen in first half of 2009
By Ben Vogel
04 August 2009
Financial losses for operator BAA deepened in the first six months of 2009, as traffic at its UK airports continued to fall.
The three prime London assets of Heathrow, Gatwick and Stansted posted a net deficit of GBP392.4 million (USD644 million), compared with a loss of GBP98 million for January-June 2008.
A GBP218.5 million revaluation of the BAA pension fund also contributed to a total first-half deficit of GBP545 million, the company stated on 29 July. "BAA's underlying financial performance remains in line with our expectations," said Chief Executive Officer Colin Matthews. "Trading conditions for the industry remain difficult and we remain focused on improving service standards and delivering a more efficient operation."