Heathrow airport has reported a massive reduction in its losses after an ‘historic year’.
Airport owner Ferrovial released its year end results to December 2012, reporting earnings before interest, tax, depreciation and amortisation rose 11.6% to £1.26bn pounds on revenues of £2.46bn.
The company said passenger traffic at London’s Heathrow, Europe’s busiest airport, rose 0.9% to 70 million during the year, while traffic at London Stansted fell 3.2 percent to 17.5 million.
Pre tax losses were down from £255.8m in 2011 to £32.8m in 2012.
Colin Matthews, chief executive officer of Heathrow, said:"2012 was an historic year for Heathrow. We gave a warm welcome and a smooth journey to thousands of Olympic and Paralympic athletes, and greeted a record 70 million passengers over the twelve months.
"Our capital investment programme continued, with over a billion pounds spent on improving the airport, mainly on the new Terminal 2 which opens next year. We also completed our refinancing programme, successfully issuing another £3 billion of bonds to put us on a stable, long term financial footing."
