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BAA passenger numbers tumble 10% BAA passenger numbers tumble 10%
(about 3 hours later)
Airport operator BAA saw passenger numbers at its London airports fall 10% in the first three months of 2009, as it was hit by the recession.Airport operator BAA saw passenger numbers at its London airports fall 10% in the first three months of 2009, as it was hit by the recession.
Both Gatwick and Stansted, both commonly used for discretionary holiday travel, had 14.6% fewer passengers than during the same period in 2008.Both Gatwick and Stansted, both commonly used for discretionary holiday travel, had 14.6% fewer passengers than during the same period in 2008.
Heathrow was more "resilient", BAA said, with numbers down 7.6%.Heathrow was more "resilient", BAA said, with numbers down 7.6%.
Pre-tax losses widened to £316.2m from a loss of £55.6m in the same period last year. Revenues rose 15.5%.Pre-tax losses widened to £316.2m from a loss of £55.6m in the same period last year. Revenues rose 15.5%.
Depreciation in value of Terminal 5 was partly responsibly for the losses, it added.Depreciation in value of Terminal 5 was partly responsibly for the losses, it added.
As well as the impact of the recession on travel, the nosedive in passenger numbers had been hit by the heavy snow seen in early February, BAA said. Easter falling outside the first three months of 2009 also influenced how figures compared with last year.As well as the impact of the recession on travel, the nosedive in passenger numbers had been hit by the heavy snow seen in early February, BAA said. Easter falling outside the first three months of 2009 also influenced how figures compared with last year.
The question of whether Heathrow should be allowed a third runway looks almost an academic issue compared with BAA's operating and financial challenges Robert PestonBBC Business Editor Read Robert's blog
The decline was in line with expectations given the tough economic conditions said BAA's chief executive Colin Matthews.The decline was in line with expectations given the tough economic conditions said BAA's chief executive Colin Matthews.
"The rest of the year will be difficult and will present more challenges but our focus remains on raising service standards and maximising efficiency," he said."The rest of the year will be difficult and will present more challenges but our focus remains on raising service standards and maximising efficiency," he said.
Less than hopedLess than hoped
The firm said it had received "a number of bids" for Gatwick and would make an announcement within the next few weeks.The firm said it had received "a number of bids" for Gatwick and would make an announcement within the next few weeks.
Reports at the weekend suggested that three rival bidders for Gatwick had offered between £1.3bn to £1.4bn.Reports at the weekend suggested that three rival bidders for Gatwick had offered between £1.3bn to £1.4bn.
That would be almost £200m less than the price placed on the airport by the Civil Aviation Authority. and far lower than the £2bn hoped for by BAA's owner, the Spanish group Ferrovial.That would be almost £200m less than the price placed on the airport by the Civil Aviation Authority. and far lower than the £2bn hoped for by BAA's owner, the Spanish group Ferrovial.
BAA has been told by the Competition Commission to sell off both Gatwick and Stansted, after a ruling that it had dominance of the London airport market.BAA has been told by the Competition Commission to sell off both Gatwick and Stansted, after a ruling that it had dominance of the London airport market.
BBC business editor Robert Peston, said that BAA had suffered similar levels of passenger falls in the months after the 9/11 attacks on New York and Washington.
"But the plunge in 2001 was fairly short-lived. By contrast, this year's fall follows a 7.1% dip in passengers for the previous three months," he said.