BAA warns of £10m ash hit
Friday 25 June 2010
The Icelandic ash cloud, the strikes by British Airways cabin staff and the snow over the winter has driven a £10m reduction in BAA's earnings hopes for the year.
The airports operator, which is owned by Spain's Ferrovial, yesterday forecast £946m in earnings before interest, tax, depreciation and amortisation in 2010, based on its expectation of 85.2 million passengers filing through its terminals.
BAA, which owns Heathrow and Stansted airports, said the total impact of the ash cloud, the BA strikes and the bad weather was expected to be £40m. But that figure was offset by higher than expected passenger numbers at other times. Higher spending by passengers, and lower operating costs, also mitigated the impact.
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