Fraport – the operator of Frankfurt Airport – saw Group revenue increase by 3.5 per cent to €592.6 million in the first quarter (Q1) of 2017.
In contrast, the Group’s operating result or EBITDA (earnings before interest, tax, depreciation and amortization) decreased by 5.7 per cent to €137.3 million, due to higher personnel expenses and cost of materials, as well as one-off effects.
These included the creation of provisions for a personnel-restructuring program at Frankfurt Airport, and expenses for staff hired for the new Fraport Greece subsidiary.
Contrary to the operating result, the financial result improved from a loss of €42.5 million in Q1 last year to a loss of €29.2 million in Q1 this year.
The Group’s EBT (earnings before taxes) showed overall positive performance in Q1 of 2017, rising by 18.8 per cent to €25.9 million. The Group result (net profit) improved to €18.8 million (up 24.5 per cent).
On 16 March, 2017, Fraport won the concession for the two Brazilian airports of Fortaleza and Porto Alegre during a public auction. Fraport’s executive board currently expects the Group’s net debt to rise by some additional €300 million during the 2017 business year, after a ratification procedure for the two concessions has been concluded.
Fraport executive board is maintaining its further forecasts for the Group’s asset, financial, and earnings position for the entire 2017 business year.
Executive board chairman, Dr. Stefan Schulte says: “In particular, a number of one-off effects at Frankfurt Airport had a negative impact on the operating result in the first quarter. Nevertheless, we could achieve a marked increase in the Group result.
“Compared to the mixed performance in 2016, we are currently seeing a clear return to traffic growth, generated both by traditional network carriers and low-cost providers.”