Non-Subscriber Extract
Fraport reports profit despite credit crunch
By Chantel Watkins
04 June 2009
German operator Fraport managed to post a profit for the first quarter of 2009 (1Q09), despite the negative effect on air traffic of the economic downturn.
Overall group profits still fell 25.4 per cent below the level for 1Q08, reaching EUR22.3 million (USD31.7 million) in the first three months of 2009.
Group revenue totalled to EUR452 million, a 14.4 per cent drop in comparison to the same period of the previous year. However, part of this loss was attributable to the sale of Fraport's ICTS Europe security subsidiary and the transfer of its 65 per cent stake in Frankfurt Hahn Airport to the local state of Rhineland-Palatine.