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Fraport Retail and Properties revenue falls in first quarterFraport Retail and Properties revenue falls in first quarter
Andrew Pentol
8-May-2008
Non-recurring income from the previous year hits retail revenues in the first three month of 2008
Airports group Fraport has announced a 33.8% fall in first-quarter revenues to €102.8m (158.5m) from its Retail and Properties division. Retail concessions contributed €35.4m ($54.6m), of which retail sales accounted for €20.2m ($31.1m). The fall in first-quarter revenues resulted from non-recurring income of €57.6m ($88.8m) achieved in the previous year from the Airrail Center financial lease. Adjusted for this one-off effect, revenue from the retail division was up by 5.2% in the first quarter of 2008.
EBITDA rose by 1.1% to €115.4m ($177.8m) in the first quarter of 2008 compared with the same period last year, although group sales revenue of €528.2m ($813.8m) fell 5.9% short of the previous year’s level. Revenue development was curbed by the previous year’s special effect from the financial lease with the Airrail Center Frankfurt. Taking this into account, sales revenue rose by 4.9%, with group profit dropping 32.9% below the figure for the same period in 2007, to €24.5m ($37.7m).
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