Airport operator BAA said it will spend £1bn upgrading airports this year despite making a hefty £821.9m loss during 2009.
The Ferrovial-owned company took a £277.3m hit due the Competition Commission forcing it to sell Gatwick, while passenger numbers fell by almost 4%. BAA also reported a pension deficit of £217.8m.
Despite this, BAA chief executive Colin Matthews was upbeat, and said the operator would spend £1bn on airport upgrades in 2010.
He added: “Our financial performance remains resilient, especially at Heathrow.
“We expect 2010 to present further economic challenges for the industry as a whole, and we will remain focused on improving our efficiency and the service we offer customers.”
BAA was also ordered to sell Stansted and one of Glasgow or Edinburgh by the Competition Commission, but has been given permission by the Competition Appeal Tribunal to appeal the decision.