BAA confident in future of aviation
BAA today announced its results for nine months to 31 December 2001 saying that it is confident in the future of aviation despite a short term reduction in passenger numbers.
Pre-tax profits were down 4.8% for the nine months to December 2001, with passenger traffic down 2.8%. In the third quarter, pre-tax profit was down 21% with passenger traffic down 9.9%, reflecting the aftermath of 11 September.
BAA chief executive Mike Hodgkinson believed the position was slowly improving, helped by a strong leisure market and the rapid growth of low-cost carriers.
In October 2001, passenger numbers declined by 12.0%. Since then, the trend has been improving with November 2001 traffic down by 10.6% and December 2001 by 6.4%. The North Atlantic market continues to be the worst affected.
Mr Hodkinson said: “The outlook for passenger traffic is for further gradual improvement but it remains impossible to predict the exact course of recovery. However, we have to expect that it will take some time for the adverse impact of September 11 to be fully overcome.
“Despite September 11, we are confident that growth in the aviation industry will return in the long-term,” Mr Hodkinson added.
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