Fraport Greece showed improved performance in the first half of this year compared to the corresponding period in 2021. The company, which operates 14 of the largest regional airports, more than tripled its annual turnover in the first half of the year to 139.2 million euros, according to data published by the German group Fraport AG, operating profit increased by 21.8%. before interest and amortization (Ebitda) of EUR 73.2 million, while profit before tax increased by 40.6% at EUR 42 million. Fraport Greece had an operating profit of just €0.3m compared to around €70m in 2021, with the difference attributable to the non-payment of the annual concession fee for the period 2019-2021 (as a government bailout measure for the company). cope with the effects of the pandemic).

However, in the first half of the year, the Greek-German company increased its net loss to 21.5 million euros from -9.5 million euros, mainly due to an increase in costs related to refinancing its liabilities of 914 million euros. It is estimated that interest expenses increased by 19.3 million euros.

The company showed a loss of 21.5 million euros due to the refinancing of its obligations.

At the level of the second quarter, Fraport Greece shows a profit that fell by 59% to 13 million euros. In addition, EBITDA and pre-tax profit rose by 5.4% and 6.3% to €75m and €59m, respectively.

In terms of growth in passenger traffic, 14 regional airports show the best performance compared to all other concessions of the German group (in Lima, Brazil, Bulgaria, Ljubljana and Antalya). In July, the number of passengers departing from 14 regional airports in Greece exceeded the figure for 2019 (5.3 million) by 11%. “Financial results, reflecting the recovery of passenger traffic at 14 regional airports in the first half of the year, are moderately optimistic,” sources at the concession company say.

Due to a significant improvement in passenger traffic in the remaining markets of the German group (for example, up to 93% in 2019 in Antalya), Fraport speaks of an almost complete recovery of short-haul destinations. According to him, throughout 2022, passenger traffic will be at the level of 90% of the level of 2019, having revised upwards its previous forecasts (80%). This is because Fraport AG is forecasting a strong recovery in passenger traffic in 2022, with Frankfurt Airport estimated to exceed 45-50 million passengers. The German group posted a turnover of 1.3 billion euros, which is expected to rise to 3 billion euros for the full year.