BAA made pre-tax losses of 316.2 million pounds (S$704 million) compared to a loss of 55.6 million pounds in the same period last year. --PHOTO: REUTERS
LONDON - THE Spanish-owned operator of Britain's airports said on Tuesday passenger numbers fell 10 per cent in the first three months of the year as the economic slowdown took its toll on travel plans.
BAA made pre-tax losses of 316.2 million pounds (S$704 million) compared to a loss of 55.6 million pounds in the same period last year.
The figures showed 24.8 million passengers at Heathrow, Gatwick and Stansted, a fall of three million compared with a year earlier as the impact of the heaviest snowfall for 18 years in Britain in February also took its toll.
Retail income from the group's airport shops was 'robust", with overall revenues increasing 16 per cent to 522 million pounds while underlying earnings were 28-per cent higher at 185.8 million pounds.
Chief executive Colin Matthews said the decline in passengers was in line with expectations given the tough economic circumstances.
'The rest of the year will be difficult and will present more challenges but our focus remains on raising service standards and maximising efficiency,' he said.
BAA, owned by Spain's Ferrovial, said it had has received a number of bids for Gatwick after British competition authorities ordered it to sell Gatwick, Stansted and one Scottish airport within a two-year period. -- AFP
