BUSINESS

Revenue growth for Fraport Greece

TAGS: Business, Travel

Fraport Greece, the German-Greek consortium that manages 14 regional airports, posted an increase in revenues and a drop in net profits last year.

Its two vehicles, Fraport Greece A and B – operating seven airports each – posted total revenues of 415.6 million euros in 2018, a massive increase of 78.1 percent. Operating profits (EBITDA) grew 22.8 percent to 144.1 million euros, but net profits declined to just 0.7 million euros, against 14.37 million in 2017, which actually concerns the April-December 2017 period.

The increase in revenues came mainly thanks to the growth in investments, which according to the financial reporting standards are considered revenues as well as expenditure.

Fraport’s net profits were hurt by high amortization costs and the increased financial expenditure.

Makedonia Airport in Thessaloniki topped the revenues list with 52.5 million in 2018, followed by the Diagoras Airport on Rhodes (42.5 million) and the Ioannis Kapodistrias Airport on Corfu (25.9 million euros).

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