Frankfurt airport operator predicts 2020 profits sharply down

Fraport, the company that operates Germany’s main air travel hub near Frankfurt, predicted a sharp fall in profits for 2020 on Friday on presenting its results for 2019.

“At the moment, we have to assume that the sharp decline in traffic will continue over the weeks and months ahead, without our being able to estimate the extent and duration of the declines,” chief executive Stefan Schulte said in Frankfurt.

He predicted a significant decline in passenger numbers for the year with a resultant impact on turnover and profits.

Over the course of 2019, Fraport posted turnover up 6.5 per cent on the year at 3.7 billion euros (4.1 billion dollars) for operating profits up 4.5 per cent at 1.18 billion euros.

Profits attributable to shareholders came in at 421 million euros, some 11 per cent down on the year after the 2018 results were boosted by an exceptional item. The dividend of 2 euros is being maintained. The main shareholders are the state of Hesse and the city of Frankfurt.

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