Frankfurt Airport ups Q3 profit by 16 per cent despite summer woes

Despite a summer of cancellations and delays, Frankfurt Airport’s operator Fraport announced a 16-per-cent year-or-year increase in quarterly profit on Wednesday.

Fraport announced net profits of 210 million euros (241 million dollars) for the third quarter of 2018, while operating profit (EBITA) grew by 8 per cent compared to the same quarter in 2017 to 419 million euros.

The results beat all the expectations of analysts.

For the current year Fraport head Stefan Schulte said on Wednesday he was still targeting earnings before interest, taxes, depreciation, and amortization (EBITA) of 1.1 billion euros.

The company’s sale of its stake in Hanover airport will contribute to the full-year results, he said.

Schulte expects Germany’s largest airport to increase passenger numbers in 2018 by 7 per cent on the previous year to 69 million.

Preliminary figures for October 2018 saw a year-on-year rise of 5.2 per cent in passenger numbers.

In the first 10 months of the year, passenger numbers rose 8 per cent, Schulte said.

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