Bruce Barnard | Aug 04, 2011 10:12AM EDT
Fraport AG, the operator of Frankfurt airport, reported 22 percent profit growth in the second quarter from a year ago, as freight traffic at Europe’s top cargo hub hit an all time high.
Earnings before interest, taxes, depreciation and amortization rose to $326.5 million from $268 million a year earlier, while revenue was 14.4 percent higher at $876 million.
Frankfurt handled a record 1.1 million metric tons of freight in the six months through June, an increase of 1 percent from a year ago. Growth was driven mainly by higher volume on routes to Eastern Europe and Latin America.
Traffic at Fraport’s five majority owned airports – Frankfurt, Lima, Peru; Antalya, Turkey; and Varna and Burgas in Bulgaria –grew 1.8 percent year-to-year to 1.25 million tons.
Frankfurt’s passenger traffic jumped 8.3 percent in the first half to 26.5 million.
“Fraport has profited from the good positioning of its locations in the worldwide air traffic industry,” said CEO Stefan Schulte.
Schulte said Fraport expects 2011 revenue to increase from $3.1 billion last year to more than $3.3 billion while earnings are forecast to rise 10 to 15 percent from $1 billion in 2010.
-- Contact Bruce Barnard at brucebarndard47@hotmail.com.
