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NEWS Last modified on August 1, 2011

Airport division boost Ferrovial profits

Ferrovial has announced that its airport division accounted for 62% of its EBITDA in the first half of the year, with prize asset, Heathrow, performing particularly well.

Ferrovial has announced that its airport division accounted for 62% of its EBITDA in the first half of the year, with prize asset, Heathrow, performing particularly well.

Revenue at Ferrovial Aeropuertos totalled €1.35 billion, while EBITDA amounted to €627 million. 

In like-for-like terms, BAA reported growth of 11.5% in revenue (€1.356) and 25.7% in EBITDA (€633 million). A total of 51 million passengers (+7.8%) passed through the BAA's six UK airports (Heathrow, Stansted, Edinburgh, Glasgow, Aberdeen and Southampton) during the half year.

Heathrow traffic increased by 9.1% in the first six months of 2011, to 33 million passengers.

Passenger traffic also "increased notably" at Glasgow (7.7%), Edinburgh (14.1%) and Aberdeen (12.5%) airports, according to Ferrovial.

BAA performed three bond issues in the first half of 2011, which Ferrovial states enabled it "to practically pay off the bank debt (Back stop facility). It also notes that the company placed its first issue in the US market for one billion dollars.

It attributes the upturn in EBITDA to the improved traffic performance, the introduction of higher fees and "cost containment" which "enabled the company to improve margins".

The improved performance of its airport division enabled the Ferrovial Group to post a net profit of €312 million during the first half of the year. 

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