Airports operator BAA today counted the cost of tighter security measures and money spent on the troubled launch of Heathrow’s Terminal 5 as it reported a £51 million operating loss for the first three months of the year.
BAA - majority owned by Spanish infrastructure firm Ferrovial - blamed the plummeting earnings, which fell from £107 million in profits last year, on its efforts to step up security and maintenance at UK airports.
The group also paid £24 million in the first quarter on getting T5 up and running.
Today's figures revealed net debt of £7.4 billion, up 6.7 per cent, as concerns mount over its level of borrowings. BAA said earlier this month it was raising £400 million from shareholders as worries surfaced over its plans to refinance debts.
PA