Fraport continues to profit from traffic growth in first half
The Fraport Group's revenue, operating result and Group result continued to improve during the first half of 2011.
Revenue rose by about 11 percent year-on-year from EUR1.015 billion to EUR1.126 billion, while the Group's operating result (EBITDA) advanced by 17.7 percent from EUR304.6 million to EUR358.4 million. The Group result more than doubled from EUR52 million to EUR105.2 million compared to the first six months of last year.
"In the first half of 2011 the Fraport Group also benefitted from the good positioning of its airports in the global air transportation market," explained Fraport AG executive board chairman Dr. Stefan Schulte. Along with the Group-wide jump in passenger traffic, Fraport's key financial figures were positively affected by base effects, resulting from the revenue drop precipitated by the volcanic ash cloud crisis in April 2010.
The financial result grew positively from minus EUR92.6 million to minus EUR59.8 million. The decisive factors contributing to this included the rise in the market value of derivatives, higher interest income, as well as increased capitalization of interest costs for construction of major projects such as the new Runway Northwest and the new Pier A-Plus expansion at Terminal 1.
Along with the positive operating development, this contributed to the Group result increasing from EUR53.2 million to EUR105.2 million. Basic earnings per share rose correspondingly by EUR0.58 to EUR1.13.
The continuing growth in traffic figures during the second quarter of 2011 contributed noticeably to Fraport's solid half year results. Fraport AG's five majority-owned airports welcomed about 43 million passengers during the first half of 2011, up 11.4 percent year-on-year. Frankfurt Airport served 26.5 million passengers (up 8.3 percent). Passenger growth rose even faster at Lima Airport (LIM) in the capital of Peru and Antalya Airport (AYT) in the Turkish Riviera holiday region - the Fraport Group's two most important foreign investments. LIM recorded 5.6 million passengers (up 18.7 percent), while AYT registered nearly 10 million passengers (up 16 percent).
"I expect that the company's positive development will continue in the second half of 2011 - if our industry does not have to face any prolonged labor strikes," said Schulte confirming the Group's 2011 forecast. "We currently expect passenger growth to reach the upper range of our four-to-seven percent forecast for 2011." On this basis, explains Schulte, we expect revenue to grow from about EUR2.2 billion last year to more EUR2.3 billion in 2011. As in the previous year, Group EBITDA is forecast to grow by 10 to 15 percent (2010: EUR710.6 million). As with passenger growth, Schulte also expects EBITDA to reach the upper range of the forecast. Despite higher special effects in 2010, the overall result is expected to be slightly below the previous year's level.