Fraport Q3 Net Profit Falls 55 Percent

GEORGE FREY

FRANKFURT (AP) — German airport operator Fraport AG said Thursday its net profit fell 55 percent in the third quarter as revenue and passenger levels dropped amid the economic downturn.

Fraport, based in Frankfurt, said net income for the July-September period fell to euro56 million ($83 million) from euro124 million in the third quarter of 2008.

Revenue for the period fell 4 percent to euro533 million from euro555 million, while passengers fell 7.4 percent to 22.6 million from 24.4 million passengers in the third quarter of 2008.

Fraport reiterated it will not reach the level of profit seen in 2008 and that the full year outlook remains uncertain because of the economic downturn and other effects.

Shares of Fraport were about 1 percent lower at euro32.46 in Frankfurt afternoon trading.

The company said its main Frankfurt Airport hub will not be able to evade the negative developments in global air traffic, and expects traffic to fall between 5 percent and 6 percent for the full year.