Heathrow Ltd EBITDA down 12% in first nine months of 2012, downgrades full year guidance

UK's Heathrow Ltd revenue up 8% - financial highlights for three months ended 30-Sep-2012:

• Revenue: GBP1844 million, +8.2% year-on-year;
  • Aeronautical: GBP1057 million, +10.5%;
    • London Heathrow: GBP955.2 million, +11.2%;
    • London Stansted: GBP102.1 million, +4.3%;
  • Retail: GBP401.5 million, +4.3%;
• Adjusted EBITDA: GBP922.9 million, +9.6%;
• EBITDA: GBP777.3 million, -11.5%;
• Profit before tax: GBP111.8 million, compared to a loss of GBP147.3 million in p-c-p;
• Profit on ordinary activities after tax: GBP128.6 million, compared to a loss of GBP95.6 million in p-c-p;
• Passenger numbers: 66.4 million, -0.5%;
  • London Heathrow: 53.0 million, +0.6%;
  • London Stansted: 13.5 million, -4.6%;
• Net retail income per passenger: GBP5.68, +4.7%;
  • London Heathrow: GBP6.04, +4.8%;
  • London Stansted: GBP4.27, +2.5%. [more - original PR]

Heathrow Ltd: "In its June 2012 investor report, the Group indicated that its Adjusted EBITDA for 2012 was expected to be approximately GBP1.27 billion. Developments since then, particularly the previously reported weaker than expected Heathrow passenger traffic through the peak summer months of July and August, suggest that Adjusted EBITDA for 2012 may be marginally lower than the guidance provided in June. Prospects for further good growth in Adjusted EBITDA in 2013 are supported by the tariff increases taking effect from 1 April 2013." Source: Company statement, 29-Oct-2012.