BAA sees sharply reduced losses

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Stansted Airport
Image caption,
BAA is being forced to sell Stansted airport and one of Edinburgh and Glasgow airports

Airport operator BAA has reported a significant reduction in losses for the nine months to the end of September and strong growth in passenger numbers.

Pre-tax losses came in at £192.6m, down from £784.7m in the same period a year ago. Revenue was up 4.4% at £1.55bn.

The company reported "record passenger traffic" between July and September.

Earlier this month, BAA lost an appeal hearing against a ruling that it must sell Stansted airport, as well as either Glasgow or Edinburgh airport.

BAA has already sold Gatwick for £1.5bn to US-based investment fund, Global Infrastructure Partners.

"BAA has delivered good results and we have strengthened our financial position through refinancing of nearly £2bn of debt," said chief executive Colin Matthews.

"The outlook for the remaining months of the year is positive."

BAA - which is majority-owned by Spanish firm Ferrovial - operates the airports at Heathrow, Southampton and Aberdeen, as well as Stansted, Glasgow and Edinburgh.

The company handles about one million flights and 110 million passengers each year.

Earlier this week, owner Ferrovial said it was planning to sell a 10% stake in BAA.

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