Fraport's core profit more than doubles as traffic continues to recover


Frankfurt Airport operator Fraport on Thursday said its core profit more than doubled in the first quarter, boosted by ongoing traffic recovery across its global network of airports. The group, which operates at 28 airports around the world, said its earnings before interest, taxation, depreciation, and amortization (EBITDA) rose to 158.3 million euros ($175.4 million) in the quarter, from 70.7 million euros a year earlier. This was still 21% below the pre-pandemic 2019 figure.

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The company said the recovery in passenger numbers had continued since the start of the year, with traffic at its home-base airport in Frankfurt growing by 56% year-on-year in the first quarter. It expects passenger traffic in Frankfurt to grow between 15% and 25% this summer. "We are cautiously optimistic that we can maintain operations as stable as during the recent Easter peak," Fraport's CEO Stefan Schulte said in a statement.

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After staff shortages caused chaos at European airports last year, the group has been focusing on a recruitment drive across Europe in order to prepare for increasing footfall this summer. Fraport confirmed its full-year guidance, expecting passenger traffic at Frankfurt Airport to reach up to about 90% of the levels seen pre-pandemic.

($1 = 0.9024 euros)

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Source: Reuters

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