Ferrovial narrows net loss to EUR92.4 million, including divestment in London Gatwick

Shares in Spain’s Ferrovial, owner of BAA, dipped 2.2% yesterday upon the release of the company’s financial report for the 12 months ended 31-Dec-2009. EBITDA of EUR2,540 million for the year was flat (-0.2%), on an 8% reduction in revenue to EUR12,095 million. Ferrovial reported a net loss for the period of EUR92.4 million, including divestments, curbing losses from EUR811.8 million in 2008. The sale of Gatwick Airport was a principle divestment in 2009.

In local currency terms, BAA’s revenue increased by 7.3% year-on-year in 2009 to GBP2,700 million (EUR3,100 million), while EBITDA rose 15.1%, to GBP1,205 million (EUR1,354 million). Despite an 11.1% increase in depreciation charges, EBIT increased by 21.7% to GBP488 million (EUR630 million), with an increase in fees from 01-Apr-2009, reduction in operating costs and improvement in retail revenues per passenger at London Heathrow Airport.

Overall, BAA's traffic declined by 4.3% year-on-year to 112.2 million passengers in 2009. BAA’s airports include London Heathrow, London Stansted, Glasgow, Edinburgh, Edinburgh, Aberdeen and Southampton.

Chinese airports report an increase in traffic for Chinese New Year Golden Week

Chinese airports were on the rise yesterday, with shares in Xiamen (+3.5%), Hainan Meilan (+1.1%), Guangzhou Baiyun (+1.0%), Shanghai (+0.4%), Shenzhen (+0.3%) and Beijing (+0.2%) all up.

Shenzhen Airport reported a 7.5% year-on-year increase in passenger numbers during the Chinese New Year Golden Week from 13-Feb-2010 to 19-Feb-2010, while Wuhan’s passenger traffic increased 11.2% year-on-year during the week.

Today’s edition of Airport Business Daily also contained the full traffic report for Macau International Airport for Jan-2010. In the month, passenger numbers rose 4.8% year-on-year to 358,902, while cargo volumes soared 83.7% year-on-year to 5,106 tonnes, on an 8.7% reduction in aircraft movements. See related report - Macau Outlook: Aviation stalemate reached, new ideas needed.

Selected airports daily share price movements (% change): 23-Feb-2010