BAA the owner of London’s Heathrow and Stansted airports, said its full-year loss narrowed after passenger numbers rose to a record and retail spending increased.
The net loss was 191.5 million ($302 million) in 2011 compared with a 321.8 million-pound deficit a year earlier, Hounslow, England-based BAA said today in a statement. Revenue rose 9.9 percent to 2.28 billion pounds.
Heathrow, Europe’s busiest airline hub, handled 69.4 million passengers last year as demand rose for connections to emerging market destinations in Asia and Latin America. A milder winter with fewer flights lost to snow disruption also helped boost the number of travelers using the airport.
“BAA delivered strong operational performance in 2011 with record traffic levels and high service standards at Heathrow,” Chief Executive Officer Colin Matthews said in the statement.
BAA, controlled by Spanish builder Ferrovial SA, is selling its airport in Edinburgh after the U.K.’s Competition Commission ruled almost three years ago that the company should be broken up. The company may also have to dispose of Stansted airport after losing its most recent appeal against the regulator’s decision on Feb. 1.