Spain's Ferrovial says net loss narrowed in first half

29th July 2010, Comments 0 comments

Spanish builder and infrastructure operator Ferrovial, owner of British airports operator BAA, said Thursday it narrowed its net loss during the first half of the year.

The company recorded a loss of 164.5 million euros (213.8 million dollars) during the first six months of the year, compared with a loss of 278.2 million euros a year earlier.

Analysts polled by Dow Jones Newswires had expected an average first half net loss of 136 million euros.

Revenues dropped 2.7 percent during the period to 5.77 billion euros while earnings before interest, tax, depreciation and amortization, a key measure of profitability, fell 2.5 percent to 1.18 billion.

Ferrovial, which bought BAA, the world's largest airport operator, in 2006, said revenues at its airport management division rose 2.6 percent during the period to 1.28 billion euros.

It said passenger traffic at the airports it manages in Britain -- Heathrow, London Stansted, Glasgow, Edinburgh, Aberdeen and Southampton -- was affected by the closure of British airspace between April 15-20 due to the eruption of an Icelandic volcano and a 34-day strike by British Airways employees.

Heathrow, the largest airport it manages, reported a 3.5 percent decline in passenger numbers during the first half.

Ferrovial posted a net loss of 92.4 million euros last year, compared to a net loss of 812 million euros in 2008.

© 2010 AFP

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