March 17, 2017 / 6:53 AM / in a year

UPDATE 1-Fraport sees Greece, Frankfurt fees supporting profits

* Forecasts 2017 EBITDA of 980 mln-1.02 bln euros

* Guidance exceeds analyst consensus for 930 mln euros

* Fraport says Greek airports, higher FRA fees to help

* Sees 2017 revenues of 2.9 bln euros vs poll avg 2.5 bln (Adds details on guidance, Greek airports, Brazil concessions)

FRANKFURT, March 17 (Reuters) - Germany’s Fraport forecast a smaller-than-expected decline in earnings for this year, saying the takeover of operations at 14 Greek airports and higher fees at Frankfurt, Europe’s fourth-biggest hub should support profits.

At the same time, Fraport said on Friday it would continue a push to add more low-cost traffic at Frankfurt, Germany’s biggest hub, to compensate for slower passenger number growth at main customer Lufthansa.

Earnings before interest, tax, depreciation and amortisation (EBITDA) will ease this year to between 980 million and 1.02 billion euros ($1.06-1.10 billion) from 1.05 billion in 2016, when profit jumped by 24 percent, Fraport said in a statement.

Analysts in a Reuters poll on average forecast 2017 EBITDA of 930 million euros, after last year’s earnings were boosted by payments received from projects in St Petersburg and Manila.

Fraport will start operating 14 regional airports in Greece in the coming weeks, which it said would contribute 200 million euros of a rise in 2017 group revenues to around 2.9 billion euros from 2.6 billion, while analysts had expected a decline to 2.5 billion.

In addition, the airport operator announced on Thursday it had won the right to operate two airports in Brazil, which it said would boost its core profit in the first five years but weigh on its net earnings due to the amortisation of the concession price.

$1 = 0.9282 euros Reporting by Maria Sheahan; Editing by Georgina Prodhan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below