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Fraport delivers optimistic outlook for 2010, revenue and net profit down 6.1% and 20.1%, respective


Shares in Germany’s Fraport remained virtually flat yesterday (-0.1%) yesterday, upon the release of the airport operator's preliminary financial/traffic report for the 12 months ended 31-Dec-2009.

EBITDA dropped 8.0% year-on-year to EUR552.9 million on a 6.1% reduction in revenue to EUR1,973 million. Fraport reported a preliminary net profit of EUR157.3 million, which was down 20.1% compared to 2008. Passenger numbers during 2009 reduced 2.6% to 73.7 million, while cargo volumes of 2.1 million tones were down 9.7% year-on-year.

Fraport Chairman, Dr Stefan Schulte, commented that the best thing about “last year's financial results is our outlook for 2010”. The airport operator is optimistic that it has risen from the “trough of decline” following significant declines in traffic in early 2009.

See related report: European airports struggle in 2009 except Turkey. Heathrow outperforms Paris CDG, Frankfurt & Madrid

Fraport now expects EBITDA to reach at least EUR600 million in 2010, whereby the improvement in results will come mainly from the company's international business. However, Group profit is expected to weaken, due to higher depreciation costs and higher financial expenditure.

Also in Europe, shares in Ferrovial (+4.7%) led the way up, Zurich gained (+0.3%), while TAV and GEMINA declined (-0.8% and -1.1%, respectively).

NB: Today’s edition of Airport Business Daily contains the full report of Fraport’s financial/traffic statistics.

Selected airports daily share price movements (% change): 03-Mar-2010

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