Smaller Losses for BAA

BAA has released its report for the first half of 2011 which shows smaller losses compared to last year, after more passengers used its airports.
Passenger traffic was up 7.1% at 41.4 million with 9.1% growth at London Heathrow alone and the company has reported a £249m pre-tax loss in the six months leading to June 2011.  This is compared to a £279.7m loss in 2010.
BAA’s report also shows a 12.1% change in revenue, which this year has risen to over £1bn.
BAA CEO Colin Matthews commented on the report:  “This is a strong financial performance that reflects record passenger numbers, increased revenue per passenger and good cost control. We remain focused on customer service and Heathrow has achieved some of its best ever levels of flight punctuality and baggage delivery. BAA is investing £1 billion in new passenger facilities at Heathrow during 2011 and the airport’s newest, Terminal 5C, opened in June, improving passengers’ experience of the airport.”
The report comes after last week’s announcement that the Competition Commission had ruled that BAA must sell Stansted and either Edinburgh or Glasgow airports.