Fraport, Hochtief, Copenhagen lower, Macquarie Airports higher again. Italian airports struggling


Shares in Fraport and Hochtief eased 1% and 4.3% amid a soggy session in Frankfurt yesterday. Hochtief (with local partner, Renova) has also reportedly dropped out of the bidding for the USD1.3 billion contract to upgrade St Petersburg Pulkovo Airport. Fraport remains. Bloomberg reports the German construction giant concluded the project was "not viable". Other bidders include Fraport/VTB Europe Plc, Basic Element/Changi Airports International and Flughafen Wien/ZAO Lider.

Elsewhere, Macquarie Airports continued rising (+4.1%), but its former "strategic investment", Japan Air Terminal, rose more (+4.8%).

Italian airports

Today, we initiate coverage of three Italian airport operators:

Aeroporto di Firenze this week reported its 1Q2009 results were "significantly affected" by the ongoing global economic crisis, which has caused a "marked reduction in the propensity to fly and traffic demand". Florence Amerigo Vespucci Airport's passengers numbers slumped 14.7% in the first quarter year-on-year. Consolidated revenues fell 3.9% to EUR7.7 million, while gross operating profits fell 19.3% to EUR1.6 million.

Venice Airport System (Marco Polo and Treviso Sant' Angelo airports) this week reporting a 12% reduction in passenger numbers for the three months to 31-Mar-2009 to 1.56 million.

Pisa Airport this week reported a 5.3% reduction in 1Q2008 traffic to 680,979 passengers and a slump in earnings.

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Selected airports daily share price movements (% change): 21-May-09

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