Fraport raises earnings outlook after small profit rise

German airport operator Fraport has raised its 2010 earnings outlook for the second time this year after its second-quarter net profit rose one percent following the takeover of a second international terminal in Antalya and strong traffic volumes, reported Dow Jones Newswires.

The company raised its earnings guidance, predicting a continued recovery in traffic and rising airport fees. It now expects earnings before interest, tax, depreciation and amortisation, or Ebitda, to increase to between US$882 million and $895 million.
It had previously forecast Ebitda of $8375 million.

Net profit now is expected to come in above the previous year's level of $207.32 million. It was previously forecast to come in around the 2009 mark.

Fraport, which also operates airports in Lima, Peru and Varna, Bulgaria, raised the outlook for its 2010 passenger volume at Frankfurt Airport, one of the world's major air transportation hubs, saying it now expects a three to four percent rise compared with a previous forecast of an increase of one to two percent.

Net profit in the three-month period to June 30 rose to $61 million from $60.49 million. Sales for the period climbed 7.4 percent to $743.37 million on traffic growth and "the positive development of Fraport's investments at Antalya and Lima".
(Source:www.cargonewsasia.com)