May 9, 2017 / 5:24 AM / a year ago

Fraport Q1 profit drops on higher staff costs, Greece airports

BERLIN, May 9 (Reuters) - Frankfurt airport operator Fraport said it had made a good start to the summer flight season as it reported lower than expected first quarter profit, hit by one-off costs for new Greek airports, among other items.

The group reported earnings before interest, tax, depreciation and amortisation (EBITDA) down 5.7 percent to 137.3 million euros ($150 million), against the average analyst expectation for 153 million.

It said on Tuesday the decline was due to a rise in staff costs and an increase in provisions for a staff restructuring programme, plus 5.9 million euros of startup costs for Fraport Greece.

It maintained forecasts for profit and Frankfurt passenger traffic growth this year, but said net debt would rise by about 1.2 billion euros this year. Of that, an additional 300 million increase in net debt is expected after it won the contract to operate two airports in Brazil, Fraport said.

$1 = 0.9153 euros Reporting by Victoria Bryan; Editing by Maria Sheahan

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