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BAA lowers 2010 profit guidance

Source: Reuters - Fri 25th Jun 2010

Airport operator BAA on Thursday lowered its 2010 earnings forecast by 10 million pounds reflecting the impact of the volcanic ash cloud, strikes by British Airways cabin crew and bad weather.

BAA, which is owned by Spain's Ferrovial, on Thursday forecast that its 2010 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) would be 946 million pounds based on its expectation of 85.2 million passengers passing through its airports.

BAA, which owns London's Heathrow and Stansted airports but sold Gatwick for 1.5 billion pounds in December, said the combined impact from the ash cloud, strike action, and winter snow is forecast to be 40 million pounds.

However, that had been offset by higher than anticipated passenger numbers at times when disruption wasn't taking place, passengers spending more at retail outlets and lower operating costs.

In a separate statement, BAA said its investment plan for Heathrow airport is expected to be within its original 5.1 billion pounds target.

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