Fraport retail revenues up in the first half of 2008

Nicole Mezzasalma

8-Aug-2008

Spend per passenger grew by 2.1% to €2.78 ($4.22) compared with the previous corresponding period

Airport operator Fraport Group has registered a fall in sales revenue of 7.1% to €1.04bn ($1.58bn) in the six months to June 2008 compared with the previous corresponding period. But the company said that, when adjusted for special factors—such as the sale of its ICTS Europe security subsidiary in April—sales revenue was up by 5.8% in the period. Profits fell by 9.5% to €93m ($141m) due to “higher interest expenses”, but rose by 5.8%when adjusted for special factors. Fraport said the increase could be attributed to the consolidation of Lima Jorge Chavez International airport for the first time and additional business in the Retail and Properties segment at Frankfurt International airport.

Revenue from retail concessions was up by 4.4% to €72.9m ($110.6m), with shopping representing €41.2m ($62.5m). Spend per passenger rose by 2.1% to €2.78 ($4.22) compared with the first six months of 2007. Fraport said the results were influenced by “positive retail and parking development”.

The company said it expects the payment of €41.9m ($63.5m) pending under the German federal government’s investment guarantee for capital investments abroad relating to Fraport’s engagement in Manila, as previously reported on DFNIonline. Fraport also said it expects “results to advance for the Retail and Properties segment” and that profits could be affected by the US dollar exchange rates.

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