BAA announces increase in profits

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BAA has announced encouraging results for the third quarter 2002-2003

Group operating profit for the nine months to December 31 2002 rose 6% from the previous year, to £495m ($800m). Revenue increased 4.3% on the back of a 4.9% increase in passenger traffic over the period, with more than 100m passengers passing through the company's UK airports. BAA's retail arm, which includes World Duty Free's retail operations, also performed well, with income increasing by 7.8%, from £371m ($600m) to £400m ($644m). Net retail income per passenger showed a slight improvement.

Commenting on the figures, BAA ceo Mike Hodgkinson said: "We have seen traffic recovery continue on domestic and European scheduled routes throughout the period and in December all markets showed increases. Retail performance in the third quarter reflected the recovery in passenger volumes. Despite current uncertainties in the geopolitical climate, we remain confident about growth for the medium- to long-term."