Home »Business and Economy » World » BAA to axe jobs

UK airport operator BAA Plc said on November 01, it planned to axe 700 jobs under a cost-saving programme and posted higher first-half earnings despite rising utility bills and slowing passenger growth.

BAA, which owns London's Heathrow, Gatwick and Stansted airports, reported a 5.2 percent rise in pretax profit, as expected, after higher sales at airport shops helped to offset the impact of the July 7 bombings in London and a strike at Heathrow. "It looks a pretty good performance. They are doing the right thing, getting the retail revenue up, getting the costs down and still doing well from Heathrow," BNP Paribas analyst Nick van den Brul said.

BAA said pretax profit for the six months to end-September was 366 million pounds ($650.7 million) compared with 348 million a year ago. The result excluded the impact of investment property revaluations and accounting changes, which drove down the net profit result.

Copyright Reuters, 2005


the author

Top
Close
Close