Frankfurt's Fraport pretax profit increases 25pc to US$393 million

FRAPORT handled 2.2 million tons of air freight last year, representing an increase of one fifth as well as moving 53 million passengers in 2010, up four per cent year on year. Group profit amounted to EUR271.5 million (US$393.2 million).


The company said the growth trend has continued throughout the first months of 2011. Group revenue rose 9.2 per cent last year to almost EUR2.2 billion.


EBITDA improved by almost a quarter to EUR710.6 million, due to the positive development of the Antalya Airport investment, the significant upwards trend in the ground handling segment, aviation segment and the retail and real estate segments.


"2010 has been the most successful year in the Fraport group's history," said executive board chairman Stefan Schulte.


Dr Schulte said the operator of Frankfurt airport invested EUR775 million in 2010 on airport expansion, "The increase in the operating result (EBITDA) was necessary to enable the company to bear the rising interest and depreciation costs resulting from these investments.


"Net debt amounted to EUR2.0 billion at the end of 2010. Thus, gearing was 78 per cent, with equity amounting to about EUR2.7 billion and the equity ratio at 28.4 per cent."


He added that the forthcoming opening of the new Runway Northwest scheduled for October will raise the airport's capacity from 82 to 90 aircraft movements per hour.
(Source:http://www.schednet.com)