REFILE-Fraport cuts 2012 sales outlook on ops abroad
(Changes Wednesday to Tuesday in first paragraph)
FRANKFURT Nov 6 (Reuters) - Fraport, the operator of Frankfurt airport, on Tuesday reduced its expectations for revenue in 2012 on lower sales from its operations abroad.
"Due to lower revenue from investments within the foreign concessions, Group revenue will - contrary to previous expectations - not exceed 2.5 billion euros ($3.20 billion)," the group said in a statement.
The group reiterated its expectations for 2012 earnings.
The company is facing widespread protests at its Frankfurt home base because of increased traffic from a fourth runway. It has to spend more money on measures to reduce noise pollution than planned, leading it to predict profits at its aviation business will fall this year.
Freight volumes in Frankfurt have been hurt by a night flight ban imposed at the end of October and by w eaker economic growth due to th e European finance crisis, with volumes down 9.9 percent in the first half of the year.
Nonetheless, Fraport is valued better than peers including the airports of Vienna and Zuerich. Its shares trade at 17 times earnings per share expected for the next 12 months, according to StarMine, compared with a multiple of 13 times for Flughafen Wien and Flughafen Zuerich. ($1 = 0.7823 euros) (Reporting By Peter Dinkloh)