Fraport hopeful after 2003 growth

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The German airport group has high hopes for 2004 after posting slight increases in passenger numbers and earnings last year

German airport operator Fraport Group has reported slight growth in earnings, sales and passengers in fiscal 2003. The company grew earnings before interest, tax, depreciation and amortization to Eu503.4m as its airports overturned a troubled first half to post passenger growth of 1.9%, to 70.6m. However, the earnings have been adjusted to offset the impact of the group's withdrawal from its involvement in the PIATCO (Philippines International Air Terminal Consortium) venture at Manila Nino Acquoy airport.

The group reported that Frankfurt and Antalya airports saw strong second-half recoveries, almost offsetting the slow start to 2003, while low-cost hub Frankfurt-Hahn airport grew traffic by 67.3% to 2.4m passengers.

Fraport chairman Wilhelm Bender told shareholders that the company's Frankfurt expansion?including the construction of a new runway,  and possibly a third terminal on land currently used by a US air base?would proceed regardless of difficulties in the approval process. He anticipated that traffic would increase considerably in 2004.

"We expect rebounding international traffic to give essential impetus for growth," said Bender. "With our Frankfurt home base we are excellently positioned for intercontinental traffic."