Fraport’s revenue declines into negative in 1Q2020 – outlook uncertain
Fraport has published its 1Q2020 financial statement and report. Fraport Group operates airports or facilities in Germany (Frankfurt Airport), elsewhere in Europe, in Russia, Africa, Asia, North America and Latin America.
In 1Q2020 the business operator was heavily impacted by the virus pandemic. For the first time since the group’s IPO in 2001, its net profit (group result) was in negative territory.
In common with others, it experienced a sharp downturn in business in the last month (Mar-2020) but not enough to wreck the quarter. Revenue declined “significantly”, according to Fraport, but the revenue figure could have been worse. It was only in the last two weeks of Mar-2020, at the end of the reporting period, that wholesale cancellation of flight schedules began at Frankfurt and other key airports in the group, for example those in Greece.
The next quarter is expected to be worse.
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