UK airport authority BAA has announced a pre-tax loss of £62 million, citing increased security and maintenance costs.
The results, taken during the quarter ending March 31st, compare with a profit of £89 million in the corresponding period last year.
Despite the losses, Ferrovial-owned BAA said airport passenger traffic in the three months was up one per cent to 32.3 million, while revenue increased nine per cent to £506 million.
"BAA today reports good revenue growth for the quarter, driven by increased passenger traffic through our airports," commented chief executive Colin Matthews.
"Our operating profit was clearly affected by higher security and maintenance costs, reflecting the importance we place on delivering a safe and convenient service to passengers, through higher standards and better facilities."
Terminal 5 at Heathrow, which was initially hit by massive IT and baggage problems, did not open for business until March 27th, meaning its effect upon BAA was minimal for the period in question.
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