BAA owner Ferrovial flies into profit

28th October 2010, Comments 0 comments

Spanish builder Ferrovial, owner of British airports operator BAA, swung into the black in the first nine months of the year, based in part on asset sales.

It posted net profits of 314.6 million euros (438.3 million euros), compared to a loss of 191.3 million over the same period last year.

"Performance by the company's main businesses improved in the third quarter and it benefited from the positive impact of its policy of rotating and realizing the value of its assets," it said.

It noted in particular the sale of its toll roads in Chile as well Tube Lines, which helps maintain the London Underground.

Earnings before interest, taxes, depreciation, and amortization (EDITDA) fell 0.5 percent during the same comparative period to 1.97 billion euros. Revenues were little changed at 9.08 billion euros.

Net debt was 20.5 billion euros at the end of September, down 7.9 percent from December 2009.

Its airports division benefited from an increase of 4.4 percent in traffic at London's Heathrow in the third quarter, "reaching record numbers in July and August."

Ferrovial bought BAA, the world's largest airport operator, in 2006.

© 2010 AFP

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