Reuters

Britain’s biggest airport Heathrow said on Wednesday its nine months loss increased to 442 million pounds ($507 million) as it warned it was unlikely to return to pre-pandemic demand for several years.

“Headwinds of a global economic crisis, war in Ukraine and the impact of COVID-19 mean we are unlikely to return to pre-pandemic demand for a number of years, except at peak times,” it said.

The loss for the nine months to Sept. 30 added to losses of 4 billion pounds in the prior two years as regulated income failed to cover costs.

Revenue trebled to 2.1 billion pounds as travel rebounded from pandemic lows.

Heathrow forecast that total passenger numbers for 2022 would reach between 60 to 62 million, about 25% fewer than 2019.

Earlier this month, Heathrow warned of a possible slowdown in travel demand this winter due to the deteriorating economic outlook, the impact of a new wave of COVID-19 and the escalating situation in Ukraine.