BERLIN (dpa-AFX) - German airport operator Fraport Group (FRA.DE, 0O1R.L, FPRUF.PK) reported a third quarter profit that climbed 47.4 percent from last year. Quarterly group revenue rose by 46.0 percent, driven by strong demand from leisure travelers. The expectation for the fourth quarter also remains optimistic. For 2022 as a whole, Fraport aims for a result at the upper end of the forecasts. Passenger volumes in Frankfurt are expected to reach the upper range of predictions, between about 45 million and 50 million.
The company reported that net profit for the third quarter rose by 47.4 percent to 151.2 million euros from 102.6 million euros in the previous year.
Group EBITDA for the third quarter improved to 420.3 million euros, from 288.6 million euros in the prior year.
Quarterly group revenue rose by 46.0 percent year-on-year to 925.6 million euros, It was adjusted for revenues resulting from construction and expansion measures at Fraport's subsidiaries worldwide as per IFRIC 12.
In the first nine months of 2022, Frankfurt Airport (FRA) welcomed a total of 35.9 million passengers. The year got off to a weak start due to the Omicron variant, but then demand rebounded quickly driven mainly by leisure travelers.
FRA's cargo volume declined by 12.9 percent year-on-year in the first nine months of 2022. This was due to the overall situation of the economy as well as persistent airspace restrictions due to the war in Ukraine and comprehensive anti-Covid measures in China.
Fraport said, in view of the positive trend during the first nine months of 2022 and the stable outlook for the fourth quarter, it expects to reach the upper range of the forecast, as adjusted in the interim report on the first half.
For Frankfurt, Fraport still anticipates a total passenger volume of between about 45 and 50 million in 2022.
Revenue is expected to slightly exceed 3 billion euros for 2022 as a whole. EBITDA is projected to reach between about 850 million euros and 970 million euros, while EBIT is expected to be in the range from approximately 400 million euros to 520 million euros. The forecast window for the Group's profit extends from zero to around 100 million euros.
The Fraport executive board will uphold its recommendation to refrain from disbursing any dividends for fiscal 2022.
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