(Changes Wednesday to Tuesday in first paragraph)
FRANKFURT Nov 6 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)