Ferrovial has forecast a leap in profits for BAA by 2012.

Ferrovial has released its financial results for the first quarter of 2008, reporting a drop in sales and earnings – while forecasting a profit rise of 300% for the British Airports Authority (BAA) by 2012.

The international infrastructure company, which owns the world’s leading airport company, BAA, reported first quarter sales of €3,245.2 million (around £2,578m), down 4.8% on last year, and earnings down 12.4% compared with 2007.

Ferrovial attributed the results to “exceptional circumstances”, citing the negative exchange rate of the Euro against both the sterling and the US dollar, along with BAA’s increased operating costs for security and the opening of Heathrow’s Terminal 5 in late March.

The company suggested that had it not been for these circumstances, net revenues would have increased by 2.6%.

In the next four years, Ferrovial has predicted that BAA’s passenger numbers will rise almost 3% and that the airport company will triple its profits to £1.3bn, with Heathrow Airport alone forecast a profit increase of £676m – from £172m to an estimated £848m – by 2012.

The Ferrovial Group has more than 100,000 employees and operates in 43 countries, specialising in a variety of industry sectors including airports, construction, and car parks management. It acquired BAA in 2006 for €23.6bn.