logo
  

Fraport Stock Down On Wider Q1 Net Loss; Backs FY22 Profit View

fraport group fy 031618 10may22 lt

Shares of Fraport Group were losing around 5 percent in the morning trading in Germany after the airport operator reported Tuesday wider net loss in its first quarter, despite significantly higher revenues. Fraport's home-base hub Frankfurt Airport or FRA's passenger traffic grew more than 100 percent. Further, the company maintained its outlook for 2022, expecting clearly positive net result.

Fraport said its business performance continued to be affected by the coronavirus pandemic, as well as the initial impact on aviation from Russia's invasion of Ukraine.

Fraport's CEO Stefan Schulte stated, "Despite the omicron virus variant and new geopolitical uncertainties, a significantly higher number of people are traveling by air again. … For our home-base Frankfurt Airport, we remain optimistic because of the positive booking figures for the coming summer travel season. For the entire year, we expect to see between about 55 percent and 65 percent of pre-pandemic passenger volumes in Frankfurt."

For the year, the company continues to project Group result (net profit) between 50 million euros and 150 million euros.

Group EBITDA is still forecast to range between about 760 million euros and 880 million euros. Group revenue is projected to reach some 3 billion euros in fiscal year 2022.

In Frankfurt, Fraport expects to achieve a passenger volume of between about 39 million and 46 million for the full year, up to 65 percent of the passenger traffic seen before the pandemic. Fraport's majority-owned airports worldwide are expected to achieve even stronger dynamic growth.

For the first quarter, Group result net loss was 118.2 million euros, wider than prior year's loss of 77.5 million euros, due to one-off effects. Loss per share was 1.17 euros, wider than loss of 0.70 euro a year ago.

Group EBIT, however, improved to negative 41.3 million euros from last year's negative 70.2 million euros. Operating result or EBITDA climbed 75.9 percent to 70.7 million euros from prior year's 40.2 million euros.

Fraport's Group revenue climbed 40.2 percent to 539.6 million euros from last year's 385 million euros in 2021, driven by the rebound in passenger demand. Adjusted revenue grew 37.6 percent from last year to 474.4 million euros.

FRA served a total of 7.3 million passengers in the first quarter, more than 100 percent higher than last year, while cargo throughput (comprising airfreight and airmail) slipped 8 percent year-on-year to 511,155 metric tons.

Most of the Fraport Group airports outside Germany gained more than 100 percent in traffic, except two Brazilian airports and Samos Airport in Greece.

In Germany, Fraport shares were 48.22 euros, down 5.34 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
A multi-state listeria outbreak that has killed one and sickened at least 23 others has been linked to Florida -based Big Olaf Creamery brand ice cream, according to the Centers for Disease Control and Prevention or CDC. The outbreak strain has been reported from 10 states, resulting in 22 hospitalizations. One death has been reported from Illinois. Natreve, a premium wellness company, is recalling certain Vegan Protein Powder due to undeclared milk, a known allergen, the U.S. Food and Drug Administration said. The recall involves specific batches of its Vegan Protein Powder French Vanilla Wafer Sundae flavor. The impacted products are stored in 13 oz (10 servings) and 1.47lb (18 servings) white tubs. The Federal Communications Commission or FCC has granted SpaceX Services, Inc. authorization to use its Starlink satellite internet system on vehicles in motion. SpaceX, owned by Elon Musk, is allowed to operate consumer and enterprise Ku-band Earth Stations in Motion or ESIM using frequencies allocated to the fixed satellite service. The approval would help the company to expand its services to
Follow RTT