Fraport H1 Results Climb; Now Sees FY24 Profit At Mid Range Of Outlook, FRA Traffic At Low Half

(RTTNews) - German airport operator Fraport Group (FPRUF.PK) reported Tuesday that its first-half Group net profit surged 89.2 percent to 160.8 million euros from last year's 85 million euros.

Basic earnings per share rose to 1.63 euros in the first six months from prior year's 0.87 euro.

Fraport's operating result or EBITDA reached 567.1 million euros, up 17.8 percent year-on-year.

Group revenue increased 13 percent year-on-year to 2.04 billion euros, supported by passenger growth and price effects amid the growing demand for air travel.

Fraport's Group revenue increased 14.1 percent year-on-year to 1.77 billion euros after adjusting for revenues resulting from construction and expansion measures at Fraport's international subsidiaries in line with IFRIC 12.

The Fraport global airport company registered passenger growth of 7.2 percent to a total of 74.1 million travelers. Passenger numbers at Frankfurt Airport or FRA grew 7 percent to some 28.8 million passengers.

In the second quarter, passenger numbers in Frankfurt grew about 4.5 percent.

Looking ahead for fiscal 2024, the company offered more precise projections.

The Group net profit is expected to reach about the middle of the previously forecast range between around 435 million euros and 530 million euros.

EBITDA is also expected to reach about the middle of the previously forecast range of between approximately 1.26 billion euros and 1.36 billion euros.

Due to the certain aircraft supply delays, Fraport now expects passenger numbers in Frankfurt to reach the lower half of the previously projected range of between about 61 million and 65 million passengers.

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