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Pre-tax profits at Heathrow fell to £58 million in the nine months to end of September, down from £266 million in the same period last year.
Pensions and the revamp of Terminal 2 make up part of the shortfall, while the sale of Stansted boosted 2013 figures.
Heathrow revealed plans for more than £600 million of “operating efficiencies”.
Initiatives to reduce costs include early delivery of supplier efficiencies, corporate centre restructuring, a management pay freeze, union pay deals, revisions to terms and conditions for new employees and improved productivity, according to the company.
Traffic at the London hub rose by 1.5% to 55.7 million passengers in the nine months period to September 30, with long haul routes up 2.1% but European traffic flat. Domestic numbers were up by 5.6%.
The airport’s chief executive, John Holland-Kaye, said: “Heathrow continues to deliver against key targets, with more passengers than ever choosing to use Heathrow and record passenger satisfaction numbers at the UK’s only hub airport.
“We successfully completed the transition of 26 airlines into Terminal 2: The Queen’s Terminal, with over 40,000 passengers enjoying the world class facility every day.”
He added: “With the Airports Commission launching its national consultation on airport capacity expansion imminently, Heathrow expansion is increasingly being seen as not only the best option to keep Britain at the heart of the global economy, but also as politically deliverable, with growing support from local communities, politicians and businesses across the UK.”
The Airports Commission is due to launch a national consultation into the need to expand aviation capacity early next monthg. The consultation is expected to include one public evidence session for each of Heathrow and Gatwick.