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Airports Operator Baa Narrows Losses To £317M

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UK airports operator BAA has reported a loss of £317m for 2010 after a year of volcanic ash, strikes and snow.

The company said these disruptions meant 2.8 million fewer passengers passed through its airports last year, most of these lost to Heathrow.

Despite the loss, the company's chief executive, Colin Matthews, described the company's performance as "robust".

He said the company expected to deliver a strong increase in profits and cash flow in 2011.

The pre-tax, unadjusted figure is an improvement on 2009's loss of £822m, which included losses from its forced sale of Gatwick airport and a £218m charge for its pension deficit.

BAA, which is owned by Spain's Ferrovial, owns and operates Heathrow, Stansted, Southampton, Edinburgh, Glasgow and Aberdeen airports.

Yes clearly losing over £1bn in 2 years is a robust performance.

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Notice how air travel numbers are declining as the middle class gets downsized. If you watch television you would think everyone is going on vacation more and more.

I am sure the managers received generous bonuses for this performance.

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A question sprang immediately to mind: what kind of bonuses did the bosses pay themselves as a result of those losses?

Well, clearly they need bigger bonuses, so they are incentivised to actually turn a profit.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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