Ferrovial’s losses not as bad as feared, MAp entitlement offer closes

Shares in BAA owner, Ferrovial, jumped 4% yesterday as the Spanish construction group unveiled a net loss of EUR206 million during the first nine months of the year. The market had expected a EUR263 million loss.

Earnings were boosted by extraordinary transactions, such as the sale of Belfast Airport and World Duty Free, as revenues slumped nearly 8% to EUR9.05 billion.

Earlier in the week, BAA stated its pre-tax loss widened in the first nine months of the year after taking a GBP225 million write-down on the forced sale of Gatwick to US investment fund Global Infrastructure Partners for GBP1.51 billion. BAA posted a pre-tax loss of GBP784.7 million in the first nine months of the year, from GBP519.5 million in the same period last year. The result also included an exceptional charge of GBP261 million related to an "increased pension scheme deficit” and a GBP136 million loss on financial instruments.

BAA CEO,  Colin Matthews, stated, “the accounting losses we are reporting today reflect non-cash exceptional charges and do not reflect the strong underlying performance of the business”.

Elsewhere, MAp fell 3.2% as its non-renounceable retail entitlement offer closed on 28-Oct-2009.

Selected airports daily share price movements (% change): 29-Oct-09