BAA made a pre-tax loss of £317 million in 2010, a £505 million improvement on the previous year.
For 2009, the airport operator reported a pre-tax loss of £822 million.
BAA has estimated that the snow in December alone cost the airline £24 million.
The company’s figures were also hit by the ash crisis, which saw British airspace closed sporadically over a period of two months last spring.
The number of passengers travelling through airports operated by BAA fell from 85.9 million in 2009 to 84.3 million in 2010, a drop of 1.8%.
Revenue, however, grew by 4.9% year-on-year to £2,074.3 million, which BAA said was down to “higher tariffs” and “exceptional retail performance”.
Colin Matthews, BAA’s CEO, said: “We continued to strengthen and diversify our funding position by raising £2 billion of new financing, underpinning our investment in upgrading Heathrow.”
At Heathrow, BAA is currently investing £2 billion in the new Terminal 2, which Matthews said would mean quicker and easier transfers for Star Alliance passengers.
Some £250 million is also being invested in a new baggage tunnel between T3 and T5.
Looking forward, Matthews is positive: “Strong passenger growth at Heathrow in the second half of the year reflected the ongoing improvement in the global economic climate.
“In 2011, we expect to deliver a strong increase in profits and cash flow, enabling us to make further investments in improving facilities and further strengthening our financial position.”
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