Fraport: posts first loss since IPO
(CercleFinance.com) - Fraport said that its first quarter results were "heavily impacted" by the Covid-19 pandemic, adding that its outlook remains "uncertain.
For the first time since the group's IPO in 2001, the German airport operator made a net loss of 35.7 million euros in the past quarter, compared with net profit of 28 million euros in the first quarter of 2019.
Its revenue dropped 17.8% to 661.1 million euros in the first three months of the year, with total passenger traffic diving 62% in March alone.
This trend continued into April, Fraport said, with traffic plummeting as much as 97% on a week-to-week basis in the past month.
"There have hardly been any passengers at Frankfurt Airport during the past six weeks," CEO Stefan Schulte said.
Citing a "high level of uncertainty," Fraport expects its key performance indicators to decline "significantly" this year, and anticipates a loss this fiscal year.
The shares were down 3.9% on the Frankfurt Stock Exchange after this report.
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