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Fraport – full year profit ‘to fall below previous year’s level’

11-Aug-2008

The Fraport Group reports a 4.5% increase in EBITDA, but a 9.5% fall in net profit for the six months ended 30-Jun-08, as revenue contracted 7.1% year-on-year. The gloomy figures were improved a little when Fraport stated that second-quarter profit rose 3.3%, beating analyst estimates, boosted by the purchase of Peru’s biggest terminal at Lima and lower costs after selling a security division. Net income in the second quarter was EUR68.5 million (USD106 million). Analysts had predicted a profit of EUR56.4 million. [881 words]

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Subheadings:

  • Traffic up at most airports, but Hahn is faltering
  • A ‘real challenge’ to break even
  • Outlook not bullish
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