Member Article

Heathrow makes a loss

Recently renamed Heathrow has posted a £35.5m drop in profits like-for-like, despite reported increases in the number of passengers travelling through Heathrow.

Formerly called BAA, the company owns Heathrow and Stansted airports, and had an overall drop of 0.5% in passenger numbers across its two airports.

The firm decided the name British Airport Authority no longer applied after a string of site sell offs, and it decided to name each of its airports after individual site locations, as reported on Bdaily.

Revenues rose by 8.2% to £1,843m and earnings before tax and exceptional items was up by 9.6%, however the firm did not manage to make a profit.

The Chief Executive of Heathrow, Colin Matthews, commented: “We are on track to invest more than £1 billion by the end of 2012, with the next major milestone being the opening of the new Terminal 2 in 2014.

“It received its highest ever passenger satisfaction scores during a period which included the London 2012 Olympic and Paralympic Games.

“Our large and sustained capital investment programme is creating jobs throughout the UK and improving passengers’ experience of Heathrow.”

This was posted in Bdaily's Members' News section by Miranda Dobson .