German airport operator Fraport (FRA.DE,0O1R.L, FPRUF.PK) reported Tuesday that its first-quarter Group result net loss was 77.5 million euros, wider than prior year's loss of 35.7 million euros.
Group EBIT was negative 70.2 million euros, compared to profit of 12.3 million euros a year ago.
Fraport achieved a positive Group EBITDA or operating result of 40.2 million euros, down 68.9 percent year-on-year.
Group revenue declined 42 percent to 344.7 million euros, severely impacted by Covid-19 Pandemic.
Frankfurt Airport home base saw passenger traffic drop by 77.6 percent year-on-year to just under 2.5 million travelers. Compared to the first quarter of the 2019 pre-pandemic year, passenger traffic fell 83.2 percent.
Meanwhile, FRA's cargo throughput in the first quarter grew 21.6 percent year-on-year to 565,497 metric tons, and was up 7.3 percent compared to 2019.
At Fraport's Group airports worldwide, traffic also dropped overall in the first quarter, with year-on-year declines ranging from about 50 percent to 90 percent at some airports.
Looking ahead for fiscal 2021, Fraport maintained its outlook for the entire 2021 business year. Passenger traffic at Frankfurt Airport is forecast to range from under 20 million to 25 million. Group revenue is expected to reach approximately 2 billion euros, and Group EBITDA would reach a range of about 300 million euros to 450 million euros. Group EBIT is expected to be slightly negative, while the Group result (net profit) will also remain in negative territory. However, both of these key performance indicators will improve markedly compared to 2020.
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