BAA joins the loss makers

BAA was in a defiant mood as it announced last week losses more than tripled to £545m for the first six months saying that if it could not get the price it wants for Gatwick it might not sell.  The airport operator put Gatwick on the market just before the Competition Commission said it had to.  It is appealing against the measure.  The huge loss is mostly technical and includes a revaluation of its pension fund, the write-off of Heathrow T2 (which will be replaced by Terminal East) and with fair value losses on financial instruments.  Revenue actually increased by 12.8% to £1.1bn in the first half despite a 7.4% decline in passenger numbers to 55.2m.  The net retail income rose by 7.3% from £4.39 to £4.72 per passenger. www.baa.com

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