Fraport's first 9 months net profit up 9.4pc to US$457.6 million
GERMAN airport operator Fraport AG's first nine months worldwide net profit increased 9
GERMAN airport operator Fraport AG's first nine months worldwide net profit increased 9.4 per cent year on year to EUR413.5 million (US$457.6 million), drawn on revenues of EUR2.48 billion, which increased 12 per cent.
This positive performance was driven by solid traffic growth at Frankfurt Airport (FRA) and the Fraport group?s airports worldwide. However, the growth momentum has been slowing year to date.
'Our industry is being impacted by the weaker global economy and consolidation of the European aviation market,' said Fraport chairman Stefan Schulte.
'Furthermore, regulatory interventions by the German government - such as the planned increase to the national air traffic tax ?are also affecting our sector. After a phase of rapid traffic growth, airlines are cutting back their plans and thinning out their winter schedules,' said Dr Schulte.
'Nevertheless, we are maintaining our full-year outlook for the 2019 business year - also backed by the ongoing positive performance of our group airports worldwide. Thanks to Fraport's large and diversified portfolio of international airports, we are well positioned for the future,' he said.
The group's airports worldwide reported revenue increases of 5.2 per cent to EUR2.4 billion. At Frankfurt Airport, factors contributing to revenue growth included higher proceeds from ground handling services, airport and infrastructure charges, as well as security services.
Retail, parking and advertising revenue also increased significantly. However, Fraport's international portfolio clearly continued to be the largest revenue driver.
In particular, in Lima (up EUR30.5 million), Fraport Greece (up EUR25.4 million) and Fraport USA (up EUR21.8 million) contributed substantially to the group's adjusted revenue growth.
The operating result or group EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 7.7 per cent to EUR948.2 million in the nine-month reporting period.