BAA profits down ÔÇô Gatwick sale proceeding

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Airport operator BAA has reported a sharp drop in profits for the year ending 31 December 2008, after suffering from lower passenger numbers and higher running costs.   The company announced an operating profit of ┬ú23 million for 2008, compared with ┬ú476 million in 2007.   ÔÇ£BAA performed strongly in 2008 although its performance was affected by a drop in passengers, which reflects the general economic situation,ÔÇØ said chief executive Colin Matthews. ÔÇ£2009 will be a challenging year but BAA is resourced and structured to meet those challenges and continue to invest in the capital programme that is vital for the future of the business, its passengers and our airline customers.ÔÇØ   There were several significant regulatory developments during the year, including an investigation by the Competition Commission into BAAÔÇÖs ownership of UK airports, which is expected to conclude in March 2009 with a requirement for BAA to dispose of three of its seven airports.   The ÔÇ£provisional structural remediesÔÇØ proposed by the Commission include the disposal of Gatwick and Stansted to different purchasers, as well as the disposal of Edinburgh airport, although consideration is being given to whether BAA should be able to choose which of Edinburgh or Glasgow Airports to sell.   BAA announced plans to sell Gatwick airport on 17 September 2008, and its end of year report says the sale process is ÔÇ£progressing on schedule with initial bids received during January 2009. The process is expected to be completed in the first half of 2009.ÔÇØ   No information is given about progress on the sale of Stansted Airport.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *