BAA released its financial report for the six months ended 30-Jun-2010 yesterday. The airport operator reported a 2.2% revenue increase to GBP957.6 million, while adjusted EBITDA declined marginally by 0.2% to GBP401.7 million. This performance reflects disruptions in the first half caused by the volcanic ash crisis and airline industrial action, including the British Airways cabin crew strikes.
BAA reduced its pre-tax loss from GBP545.7 million in 1H2009 to GBP279.7 million in 1H2010.
It reported underlying passenger traffic growth of 0.9%, including 2.3% year-on-year growth at London Heathrow. While passenger traffic was relatively flat, strong retail momentum was maintained with net retail income per passenger rising 10.2% year-on-year to GBP5.20.
BAA owns and operates a number of airports in the UK – Heathrow, London Stansted, Glasgow, Edinburgh, Aberdeen and Southampton airports – has retail management contracts at Baltimore-Washington, Boston Logan and Pittsburgh airports in the US and owns a 65% stake in Naples Airport. BAA is owned by ADI Limited, a consortium led by Ferrovial SA including Caisse de depot et placement du Quebec and GIC Special Investments.
Shares in Spain’s Ferrovial, closed 0.4% higher yesterday.
See CAPA airport operator/investor profile on Ferrovial
Other European airport operators and suppliers that gained yesterday included Fraport (+1.9%), GEMINA (Aeroporti di Roma owner, +1.5%) Zurich (+1.7%), Vienna (+0.9%), Aeroporto di Venezia (+0.3%) and Aeroporto Toscano (+0.2%). Meanwhile, Abertis (-0.2%), Hochtief (-1.3%) and TAV Airports (-1.5%) lost ground.
Selected airports daily share price movements (% change): 28-Jul-2010
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