Ash cloud and BA strikes cost BAA £10m
25.06.10
UK airport operator BAA has revised down its 2010 earnings forecast by £10m, after the disruption caused by volcanic ash, the BA strikes and snow. The cumulative loss from these factors was £40m, but this has been partially offset by better-than-expected passenger growth.
BAA said the total impact of the ash cloud, the BA strikes and the bad weather was expected to be £40m. But that figure was offset by higher than expected passenger numbers at other times. Higher spending by passengers, and lower operating costs, also mitigated the impact.
It forecast £946m in earnings before interest, tax, depreciation and amortisation in 2010, based on its expectation of 85.2 million passengers filing through its terminals. It posted a pre-tax loss of £821.9m in 2009, largely because of the Gatwick sale, and even worse than the £324.2m loss it made in 2008.
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