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BAA says earnings will fall next year

The British airport operator BAA has posted a 16.8 per cent rise in profits for the nine months to the end of September, but warned that it expects earnings in 2010 to fall below 2009 levels.

BAA, which is owned by Spain's Ferrovial, posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of £804.6m for the nine months on turnover 7.6 per cent higher at £1.84bn. The company, which recently sold Gatwick airport to Global Infrastructure Partners, forecast it would make £2.08bn of revenue and Ebitda of £956m in 2010. It expects to make £2.39bn of revenue in 2009 and adjusted Ebitda of £1.02bn. The company expects its net debt to rise to £9.1bn in 2010, from roughly £8.6bn at the end of this year.