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            september 21, 2019

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Indiaexportnews.com

Fraport H1 profit up 17pc

  16.08.2019    

Germany's global airport operator Fraport's first half net profit increased 17.1 per cent year on year to EUR164.9 million (US$184.2 million), drawn on revenues of EUR1.5 billion, up 5.2 per cent.
According to Shipping Gazette, at Frankfurt Airport, factors contributing to revenue growth included higher proceeds from ground handling services and infrastructure charges, as well as from the retail and parking business, said the Frankfurt-based company.
In Fraport's international portfolio, major contributions came from the Lima Airport Partners subsidiary in Peru, as well as from Fraport USA and Fraport Greece.
The operating result or Group EBITDA (earnings before interest, taxes, depreciation and amortisation) increased 10.9 per cent to EUR511.5 million in the reporting period.
This amount includes a EUR22.8 million positive effect resulting from the first-time application of the IFRS (International Financial Reporting Standards) 16 accounting standard.
On the other hand, this positive effect was offset by higher amortisation and depreciation in the amount of EUR21.6 million and by a EUR5.8 million increase in interest expense.
Said Fraport chairman Stefan Schulte: "We successfully held our ground amid the overall challenging market. Most of Fraport's Group airports worldwide recorded passenger growth. Only the two Bulgarian airports of Varna (VAR) and Burgas (BOJ) saw combined traffic drop by 12.9 per cent, with this trend expected to continue over the course of the year."
For the full year 2019, Fraport is maintaining its traffic forecast for FRA, where passenger numbers are expected to rise between about two and three per cent.
The executive board also confirmed the company's financial outlook 2019 as outlined in the annual report 2018: Group EBITDA between about EUR1,160 million and EUR1,195 million; Group EBIT between about EUR685 million and EUR725 million.



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