Manufacturing Industry
Fraport raises its full-year earnings forecast
Airline Industry Information, Nov 10, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
The operator of Germany's Frankfurt airport, Fraport AG, has increased its full-year profit and sales forecast after reporting an 8.8% rise in third quarter earnings.
Third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) were up to EUR171.9m from EUR158m over the same period in 2003, falling just short of analysts' estimates of EUR173m. On the back of these results Fraport said that it expects full-year sales to rise by 7.5%, up from an earlier forecast of 5%, with EBITDA up just over 10% from 5-10%.
Fraport said that its yearly net profit will grow faster than EBITDA and that its dividend payout ratio target will increase, reports Reuters.
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