Business
Fraport Interim Report - First Half 2008: EBITD...
Fraport Interim Report - First Half 2008: EBITD....
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n \n\n\n\nFRANKFURT AM MAIN, Germany, August 7 /PRNewswire/ --\n\n- Outlook for Entire Year Remains Optimistic\n\n In the first six months of fiscal year 2008 the Fraport Group\nregistered sales revenue of EUR1,044.5 million, 7.1 percent below last year's\nfirst half, which benefited from special effects. Adjusted for these effects,\nhowever, sales revenue jumped by a noticeable 5.8 percent. At the same time,\nEBITDA (earnings before interest, taxes, depreciation and amortization) in\nthe first two quarters of 2008 rose by 4.5 percent to EUR285.4 million; the\nadjusted EBITDA advanced by 2.4 percent. Group profit in the first half of\n2008 reached EUR93 million, 9.5 percent short of the previous year's level\ndue to higher interest expenses. The undiluted profit per share slipped from\nEUR1.12 to EUR1.01.\n\n\n\n From January through June 2008, Fraport recorded 26,262,754\npassengers at Frankfurt Airport, 2.2 percent more than in the first six\nmonths of 2007. At Fraport's majority-owned airports (Frankfurt,\nFrankfurt-Hahn, Antalya, Lima, Burgas and Varna), the number of passengers\nclimbed by 3.7 percent to 36,624,192 in the first half of 2008. Also in the\nreporting period the Group's cargo (airfreight + airmail) throughput surged\n6.1 percent year-on-year to 1,250,146 metric tons.\n\n\n\n The lower sales revenue was due to a loss of EUR79.6 million\nin revenue because of Fraport's sale of its ICTS Europe security subsidiary\non April 1, 2008, and to revenue of EUR57.6 million received last year in\nconnection with the Airrail Center finance lease. Adjusted for these two\nspecial effects, Group profits rose by 5.8 percent. In particular, this\nincrease can be attributed to the first-time full consolidation since August\n2007 of Lima Airport (up EUR42.7 million). At Frankfurt Airport, higher\nrevenue was achieved especially from additional business in the Retail and\nProperties segment.\n\n\n\n Operating expenses dropped by 8.7 percent to EUR813.1 million\nin the reporting period. Adjusted for the aforementioned special effects,\noperating expenses were up by eight percent year-on-year. This rise can also\nbe primarily attributed to the first-time full consolidation of Fraport's\nPeruvian investment in Lima (up EUR30.6 million).\n\n\n\n Personnel expenses sank by 9.9 percent to EUR495.1 million due\nto the sale of ICTS Europe...