Fraport Group in the red to the tune of US$635m
THE Fraport Group has posted a net loss of EUR537 million (US$635 million) for the first nine months of the year, while revenue plunged by 53
THE Fraport Group has posted a net loss of EUR537 million (US$635 million) for the first nine months of the year, while revenue plunged by 53.8 per cent year on year to EUR1.32 billion.
Passenger traffic at Frankfurt Airport (FRA) declined by 70.2 per cent compared to 2019, with 16.2 million travellers served from January to September 2020, reports London's Air Cargo News.
'Our industry continues to navigate through a very difficult situation. With infection rates rising again across Europe in the past few weeks, governments have largely reintroduced or widened travel restrictions. Airlines are downsizing their flight schedules even more. Currently, we do not expect a recovery until at least the summer season of 2021,' said Fraport AG's executive board chairman, Dr Stefan Schulte.
'In response, we are continuing to realign our company to become significantly leaner and more agile - to achieve a sustainable reduction of our cost base. We are well on track to achieving this target.'
Measures implemented at its Frankfurt home base are aimed at reducing personnel and material costs in the medium term by up to EUR400 million (US$437 million) per year. This corresponds to about 25 per cent of its total operating expenses recorded at the Frankfurt location during the 2019 business year.