Heathrow has reported a healthy nine-month profits increase but claimed that investment levels could prove unsustainable if it is not allowed to raise fees to airlines in excess of inflation.
The airport saw pre-tax profits for the nine months to the end of September rise to £266m, compared year on year to £112m in 2012. Passenger numbers rose slightly from 53 million to 54.8 million, with retail income per head rising from £6.02 to £6.18.
The airport claims shareholders may resist investment in a third runway – assuming permission is granted to build it - if the CAA does not permit it to raise fees. The CAA has permitted increases only in line with inflation over the next five years.
Heathrow chief executive Colin Matthews claimed that returns on investment for major shareholders, which include the vast sovereign wealth fund of Qatar plus Singapore and Chinese interests were being jeopardised. He claimed the fee structure would reduce returns “to below the level at which Heathrow shareholders have said they are willing to invest”.
He added: “ We are now carefully considering our investment plans before responding to the CAA."
Airlines recently attacked the CAA for allowing airport fees to be raised.
Heathrow’s recent investment includes the new Terminal 2 building, trials of which will start next month. It will officially open in June next year.