BAA can bank on paying its debts with Gatwick saleSale proceeds covers £1.0 billion debt By Reuters on 28 October 2009 in News |
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Gatwick Cash Covers Debt Payments To 2011 - BAA Debt-laden British airports operator BAA said £1.2 billion pounds (USD$1.97 billion) in cash raised from the sale of London's Gatwick airport will enable it to cover all significant financing commitments until 2011. The operator, majority-owned by Spain's Ferrovial, said in a trading statement that proceeds from the £1.51 billion sale agreed earlier this month would cover in full £1.0 billion of debt maturing next March. Net debt at September 30 was £9.771 billion, up from £9.426 billion at the end of 2008, and the firm was operating comfortably within its financial ratios. It said nine months adjusted earnings before interest tax, depreciation and amortisation (EBITDA) rose 16.8 percent to £804.6 million. Operating costs fell 3.3 percent and one-off pretax charges totalled £537 billion. Its outlook for 2009 remained in line with expectations. CommentsBe the first to leave a comment Add Your CommentPlease note: all comments will be manually verified by our staff before appearing on the site. Please do not try and spam and do not use offending language. If you want to be notified when your post has been published, add your email address below. Related ItemsXL Leisure Group In AdministrationEasyjet Row in the Boardroom New flight routes BA strike dates announced Easyjet Beats Ryanair SunExpress to fly Stansted to North Cyprus Oman Air: direct flights to Muscat Call to abandon UK air passenger duty Virgin Upper Class relaunched - including Richard Branson shaped ice cubes Spotting Fees on Airlines BA cabin crew starts ballot to strike Airlines Go Green to Cut Fuel Costs BA Strike: Your guide to your rights London Luton Airport unveils audacious expansion plans First ever longhaul Club World Service from London City airport News Archives |
