Heathrow boosts profitability sharply in 2013

London
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London Heathrow airport's operator generated 30% more cash from continuing operations last year, notching a total of £1.4 billion ($2.34 billion) as revenues climbed 11% to £2.47 billion.

Adjusted earnings before interest, tax, depreciation and amortisation climbed 23% to £1.42 billion.

Pre-tax profit, adjusted, rose from £47 million to £329 million.

The swing is more dramatic if a £292 million gain on the sale of Stansted airport to Manchester Airports Group is factored in along with exceptional items, other gains and losses on disposals, and fair-value adjustments. Together, these reversed a loss of £33 million in 2012 to a profit of £426 million last year.

Heathrow's passenger numbers rose 3.4% to 72.3 million, while net income per traveller was up 2.6% at £6.37.

A revamped Terminal 2 for Star Alliance carriers is set to open at the hub in June, construction having already been concluded.