Frankfurt airport operator Fraport closed the first quarter of this year with a loss of 35.7 million euros, against a profit of 28 million euros a year earlier. The German airport company recorded a negative result for the first time since the stock exchange listing in 2001.

The flow of passengers dried up due to the corona crisis. Fraport CEO Stefan Schulte spoke of the worst crisis in the sector ever. In March, the airport handled nearly two thirds fewer passengers than a year earlier. In April, the situation was even more acute with a 97 percent drop in passenger flow.

Annual turnover decreased by 18 percent to 661 million euros. Air traffic collapsed especially in March. The operating result decreased by more than a third to 129 million euros.

Measures to reduce costs only partially relieved the situation. This means that staff work fewer hours. Planned expenses have also been partly postponed. Construction of the new terminal in Frankfurt will continue.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

German export grew less than expected in May

German exports rose by nearly 10 percent in May compared to the previous month. As a resul…