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BAA reports profit growth
Airport operator, BAA, has announced strong growth across its business following a record number of passengers using its seven UK airports.
Reporting its figures for the three-months ending 30 June 2004, BAA said pre-tax profit was £159m – up 25 per cent from the same period last year – while group operating profit was up 18 per cent at £175m.
Overall, 35.9 million people either departed from or arrived at a BAA airport during the period – a 9.7 per cent increase from last year. BAA said that the figures reflect underlying growth, but also showed that 2003 was a weak comparable quarter.
Mike Clasper, chief executive, said: “We have made an excellent start to the year across all our operations with a record number of passengers using our airports.
“We have reduced the waiting times for security screening and increased reliability of internal transport. This has allowed us to accommodate the growth in passenger numbers during peak periods and contributed to our continued growth in retail income.”
The company also announced that construction work at Heathrow’s Terminal Five is both on budget and ahead of schedule. Details: www.baa.com
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