Fraport Says Sees 2009 Earnings, Sales Down

Fraport said it saw full-year 2009 earnings and sales declining as passenger numbers remained weak amid the global economic crisis and after it sold some assets.

Passenger numbers both at Frankfurt airport and in the group as a whole would decline year-on-year in 2009, the company said on Thursday. In Frankfurt, numbers would improve again in 2010.

Fourth-quarter 2008 earnings before interest, tax, depreciation and amortization (EBITDA) rose 20 percent to EUR108.2 million euros (USD$135.6 million).

Fraport has said it expected passenger numbers and cargo volumes to keep shrinking in coming months as the global economic crisis continues to stunt business travel and consumer spending.

In January, the number of passengers processed at the company's main Frankfurt airport slumped more than 10 percent from the year-earlier period, while total cargo volume was down more than 23 percent.

The head of European industry body ACI Europe said last month 2009 would be an "annus horribilis" for airports in the region, especially as air freight has been developing poorly.

Nonetheless, Ferrovial -- which owns UK airports operator BAA -- has said it expected its earnings to improve in 2009 from 2008. The company's earnings last year suffered from the removal of tax relief for its UK airports.