28 October 2010
BAA Ltd has narrowed its pre-tax losses for the first three quarters from £784.7 million in 2009 to £192.6 million this year, following a refinancing of its debts and strong growth in passenger numbers. Revenues at the group’s six UK airports increased from £1.48 billion in the first three quarters of last year to £1.54 billion in 2010.
At Heathrow, passenger numbers jumped 4.4% to 19.5 million from July to September compared with a year ago. However, passenger traffic weakened at Stansted, falling 6% in the third quarter compared with a first half underlying fall of 3.8%.
BAA Ltd also announced that it hopes to raise between £250 and £325 million through a bond issue to refinance the remainder of a £465.8 million loan facility, which is due in 2011.