Fraport Greece Airports Boost Parent Company Profits

Skiathos Airport. Photo source: airphotos.gr

Fraport Greece has boosted German operator Fraport’s turnover by approximately 181.4 million euros since April, when it took over 14 regional airports, the company said on Thursday.

According to the group’s interim report, the 14 Greek airports under Fraport’s management generated a total of 106 million euros in the April-September period, accounting for 1/8th of the company’s nine-month group earnings (ending September 30) for 2017 at 2.23 billion euros, up 13.7 percent.

The Frankfurt-based transport giant reported a 19.4 percent rise in operating earnings (EBITDA) to 807.7 million euros, with the group result growing by 43.3 percent to 342.3 million euros.

Fraport expects group revenue – Greek airports included – to reach up to 2.9 billion euros, with EBITDA ranging between 980 million and 1,020 million euros and the group result coming to 310 million-350 million euros.

Fraport also increased the passenger forecast for the 14 Greek airports to around 10 percent growth in 2017 from a previous forecast of over 5 percent.

Fraport’s AG’s executive board chairman Stefan Schulte expressed his satisfaction adding that the profitability of the group’s airports abroad has contributed in large part to the overall result.

“After the first nine months of the year, we are absolutely on course to achieve our annual targets. The solid performance delivered by our group airports made a particularly important contribution to the rising result. With the successful operational takeover of the 14 Greek airports and the double-win of two airport concessions at Fortaleza and Porto Alegre in Brazil, we are systematically expanding our global airport business,” he said.

Impression of the airport on Mykonos.

Meanwhile, Fraport Greece is moving full speed ahead with its modernization drive, presenting plans on Wednesday for the development of Lesvos’ Odysseas Elytis airport in the capital Mytilini. This comes after the launch of projects on Santorini  and Mykonos which are already underway.

Fraport Greece entered a 357-million-euro deal with Intrakat construction company for the overhaul of the airports, which it will manage for 40 years.

Of the 14 regional airports, Mykonos recorded the largest increase in traffic in the nine-month period at 19.3 percent, followed by Kos (18.5 percent). Zakynthos (16.4 percent), Samos (14.7 percent), Kefalonia (13.7 percent), Thessaloniki (13.3 percent), Kavala (12.2 percent) and Santorini (12 percent).