BAA owner Ferrovial posts 53% profit rise

27th October 2011, Comments 0 comments

Spanish construction group Ferrovial, owner of British airports operator BAA, saw net profits rise 53 percent in the first nine months of the year to 482 million euros ($685 million), it said Thursday.

The January to September "performance by the company's main businesses improved and it benefited from the positive impact of its policy of rotating and monetizing assets," it said in an earnings statement.

It cited a decision last month to sell a 5.88 percent stake in BAA's parent company, FGP Topco Ltd, for 325 million euros, and the sale of its Swiss affiliate Swissport for 695 million euros in early 2011 as positive contributions.

However, earnings before interest, taxes, depreciation and amortisation (EBITDA) -- a broader measure of profitability -- fell 14.5 percent to 1.69 billion euros.

Traffic at Britain's biggest airport Heathrow was up more than six percent compared to the same period last year, with a total of 52.6 million passengers passing through, Ferrovial said.

© 2011 AFP

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