Frankfurt Airport Operator Eyeing Losses During 2020 Crisis Year

Frankfurt (dpa) - The operator of Frankfurt Airport, Germany's biggest aviation hub, reported a loss in the first quarter of 2020 as the coronavirus pandemic brings international travel to a near halt.

As a result, Fraport is also expecting losses during the course of the year, the company said on Wednesday.

It didn't give a concrete forecast, noting in a statement that it was unclear how long international travel restrictions and border closures would remain in place, and how severe the economic fallout of the crisis would be.

"We're experiencing global aviation's worst-ever crisis," Fraport executive board chairman Stefan Schulte said.

The airport operator made a net loss attributable to shareholders in the first quarter of 29 million euros - compared to a profit of 30.5 million euros in the same period last year.

It was the company's first negative result since it went public in 2001.

Group revenue dropped by 17.8 per cent to 661.1 million euros, after international air travel largely broke down during March.

"That month the total passenger count was down 62 per cent compared to March 2019, with the discrepancy increasing to 90 per cent in the final week of the quarter," a statement said.

Fraport's earnings before interest and taxes, at 129.1 million euros, was down 35.6 per cent year on year.

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