BAA blames unions, one-offs and strike action for 2010 losses
- BAA, the UK airports operator, reported a pre-tax loss of GBP317 million for 2010 due to various factors including unions, snow, ash, and strikes.
- The cancellation of plans for new runways at Heathrow and Stansted contributed significantly to BAA's loss, costing GBP149 million.
- Australian Infrastructure Fund experienced a 32% decline in revenue and net profit for the first half of FY2011.
- Turkish airports operator TAV saw a 7.1% decline in its shares, partly due to its exposure to the turmoil in North Africa.
- Guangzhou Baiyun International Airport Co announced its plan to sell CNY500 million worth of 1-year bonds.
- The daily share price movements of selected aviation companies on 22-Feb-2011 were also reported.
The largest single contributors to the loss were the cancellation of plans for new runways at Heathrow and Stansted, which cost GBP149 million, and interest charges of nearly GBP400 million on the group's GBP10 billion in debt. Shares in Ferrovial were down 1.7% in trading on Tuesday.
Australian Infrastructure Fund reported a 32% decline in 1HFY2011 revenue, to AUD96.8 million. The airport investment company reported first-half net profit of AUD88.2 million, also down 32%. Shares in the company were flat yesterday, but gained 0.6% in early trading on the ASX.
Elsewhere, Turkish airports operator TAV saw its shares decline 7.1%. The company is partially exposed to the turmoil in North Africa, with airport holdings in Tunisia.
Guangzhou Baiyun International Airport Co announced plans to sell CNY500 million (USD75.9 million) of 1-year bonds on 01-Mar-2010.
Selected ABD daily share price movements (% change): 22-Feb-2011
