BAA losses widen on Gatwick sale and falling passenger numbers
a huge hit on the forced sale of Gatwick and falling passenger numbers.
£519.5m over the same period last year.
for £1.51bn, and will use its net proceeds to repay debt. The company, which
was pushed to sell the airport by UK antitrust regulators, still controls Heathrow
pension scheme deficit,” BAA said. The company wrote down another £225m on the
shortfall between Gatwick’s sale price and its valuation. It was also hit by
a £136m loss on financial instruments.
and do not reflect the strong underlying performance of the business,” said the
chief executive, Colin Matthews.
has been struggling with the large amount of debt BAA accumulated when Ferrovial
purchased the group. BAA’s net debt stood at £9.7bn at the end of September, up
from £9.4bn a year earlier.
and one of two Scottish airports by spring 2011.
BAA’s losses widen in the first nine months of the year, the airports operator
reports, after it books a £225m loss on its forced sale of Gatwick earlier this