Bruce Barnard | May 11, 2010 9:18AM EDT
Fraport Group, the owner of Frankfurt airport, Europe's biggest air cargo hub, reported first quarter operating profit rose 12.4 percent from a year ago driven by strong growth in freight traffic and higher passenger numbers.
Fraport, which also operates airports in Bulgaria, Turkey and Peru, earned $147 million before interest, tax, depreciation and amortization in the three months ended March 31 on revenue up 4.3 percent at $605 million.
Net profit shrunk to $5.1 million from $25.4 million largely due to higher interest payments for capital expenditure at Frankfurt airport.
Frankfurt handled 535,000 metric tons of freight in the first quarter, a rise of 31.5 percent on the year-earlier period that outpaced a 3.9 percent increase in passenger numbers to 11.3 million.
The group's five majority-owned airports, including Frankfurt, boosted cargo volume by 30.8 percent to 590,000 metric tons.
Frankfurt increased its cargo traffic by 23 percent year-on-year in April to 166,276 metric tons despite being shut down for five days when a cloud of ash from an erupting Icelandic volcano forced the closure of north European airspace.
Group cargo volume rose 20.4 percent in April to 187,831 metric tons.
-- Contact Bruce Barnard at brucebarnard47@hotmail.com.