Airport in crisis: a three-digit million loss for Fraport

Because of the slump in air transport in the Corona-crisis, the Frankfurt airport operator Fraport plans to cut thousands of jobs. Of the 22,000 Agencies in the

Airport in crisis: a three-digit million loss for Fraport

Because of the slump in air transport in the Corona-crisis, the Frankfurt airport operator Fraport plans to cut thousands of jobs. Of the 22,000 Agencies in the group companies at the Frankfurt venue, about 3000 to 4000 are to be abolished, stated Fraport on Tuesday, together with deep-red Figures for the second quarter. Chief Executive Stefan Schulte wants to use socially responsible measures and natural attrition, not from layoffs but. For the current year, the Manager continues to expect a significant loss – and for the time after that with a long losing streak.

in Total, Fraport recorded in the second quarter, a loss of around 182 million euros, after a profit of 127 million euros a year earlier. Because of flight traffic over several weeks, almost completely still, and even now only slowly starting up again, a burst of sales around three-quarters of a 250 million Euro. Also, before interest, taxes, depreciation and amortization (Ebitda) recorded Fraport therefore, a loss of approximately 107 million Euro.

The Corona-pandemic and its consequences are likely to be a burden on the air traffic for a long time. "The economic impact will be with us far beyond the current year and the industry long-term change," said Schulte. "We assume that the passenger volume in Frankfurt is even in the years 2022/2023 around 15 to 20 per cent below the previous peak by 2019." From there, the Manager expects a "long-term, moderate growth". From this Conviction, the Fraport holds, but also to the construction of the third passenger terminal in the South of the airport.

costs by 40 percent

In the current year was reduced to reckon with a rush of the passengers, but barely. Schulte expects to see both at the home site, as well as to the international airports of the group for 2020, with Traffic declines in the high double-digit percentage range. In the second quarter, passenger levels have been in Frankfurt for around 94 per cent lower than a year earlier.

Updated Date: 04 August 2020, 13:20

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