CIMpB

Chimera Investment Corporation 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred

20.5300
USD
0.74%
20.5300
USD
0.74%
16.7000 25.7900
52 weeks
52 weeks

Mkt Cap 246.36M

Shares Out 12.00M

Chat
Send me real-time posts from this site at my email

Fraport Posts HY Loss; Cuts FY Net Profit Outlook

(RTTNews) - German airport operator Fraport Group (FRA.DE, 0O1R.L, FPRUF.PK) reported that its net loss for the first six months of 2022 was 53.1 million euros compared to profit of 15.4 million euros in the previous year. The net loss for the latest period was primarily due to the full write-down of the 163.3 million euros loan receivable from Thalita Trading Ltd., the company that holds Fraport's minority stake in the operator of St. Petersburg's Pulkovo Airport. Group EBT for the period was minus 108.9 million euros compared to EBT of 19.9 million euros in the prior year. Fraport's Group revenue increased 66.3 percent to 1.35 billion euros, reflecting the overall rise in travel demand. Adjusted for revenue from construction and expansion measures at Fraport's subsidiaries worldwide, Group revenue grew by 67.7 percent to 1.21 billion euros. In the first six months of 2022, about 21 million passengers traveled via Fraport's home-base Frankfurt Airport (FRA). The figure represented a growth rate of 220 percent compared to the same period in 2021. Frankfurt Airport served almost 5 million passengers in June 2022 - which surpassed 75 percent of the traffic registered in the same month of the 2019 record year. Cargo volumes in Frankfurt decreased by 11.5 percent year-on-year to around 1.0 million metric tons in the first half of 2022. Fraport revised the full-year passenger outlook for Frankfurt Airport upwards. Germany's largest aviation hub is now expected to welcome about 45 million to 50 million passengers in 2022 compared to the previous forecast of 39 million to 46 million passengers. EBITDA for the full year is now expected to reach a higher range of between about 850 million euros and 970 million euros, following the conclusion of the Xi'an divestiture. Previously. the company expected annual EBITDA to be in the range of 760 million euros - 880 million euros. Annual group EBIT is now projected to reach between about 400 million euros and 520 million euros compared to the previous forecast of 320 million euros to 440 million euros. Fraport revised the previous outlook for the full-year net profit downward to a range of between about 0 euros and 100 million euros, due to the full write-down of the loan receivable from Thalita Trading Ltd. It was previously expected to be in the range of 50 million euros to 100 million euros. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue