May 6, 2020 / 6:23 AM / a month ago

BRIEF-Frankfurt Airport Operator Reports Net Loss Over Pandemic

May 6 (Reuters) - Fraport:

* GROUP INTERIM RELEASE - FIRST QUARTER OF 2020: REVENUE AND NET PROFIT HEAVILY IMPACTED BY COVID-19 PANDEMIC

* NET PROFIT (GROUP RESULT) WAS IN NEGATIVE TERRITORY

* PASSENGER DECLINE CONTINUED IN APRIL, WHEN SHORTFALL WIDENED TO AS MUCH AS 97 PER CENT ON A WEEK-TO-WEEK BASIS

* AT ALL OF FRAPORT’S GROUP AIRPORTS WORLDWIDE, TRAFFIC VOLUMES ALSO DIMINISHED IN MARCH 2020, WITH DECLINE ACCELERATING IN APRIL

* ISN’T POSSIBLE AT THIS TIME TO MAKE AN ACCURATE FORECAST FOR YEAR AS A WHOLE

* POST-PANDEMIC AVIATION INDUSTRY WON’T BE SAME

* GROUP REVENUE DROPPED 17.8 PER CENT TO EUR 661.1 MILLION IN Q1

* NET LOSS WAS EUR 35.7 MILLION

* MORE THAN 18,000 OF APPROXIMATELY 22,000 FRAPORT EMPLOYEES IN FRANKFURT ARE NOW WORKING REDUCED HOURS

* AVERAGE FOR OVERALL WORKFORCE WILL BE ABOUT 60 PER CENT BELOW NORMAL IN APRIL AND MAY

* WE MAY NEED TO APPROPRIATELY REDUCE OUR EXPENDITURES FOR MATERIALS AND STAFF

* OPTIMISTIC ABOUT LONG-TERM PROSPECTS

* OBTAINED ADDITIONAL LOANS TOTALING NEARLY EUR 900 MILLION DURING Q1

* ON MARCH 31, 2020 GROUP HAD MORE THAN EUR 2.2 BILLION IN LIQUID ASSETS AND COMMITTED CREDIT LINES

* SINCE THEN THESE HAVE BEEN ADDITIONALLY BOLSTERED BY MORE THAN EUR 300 MILLION

* RESERVES WILL ENABLE COMPANY TO WEATHER CURRENT SITUATION FOR MANY MORE MONTHS IF NECESSARY

* CONFIRMS ITS OUTLOOK THAT ALL KEY PERFORMANCE INDICATORS WILL DECLINE SIGNIFICANTLY, AND ANTICIPATES A NEGATIVE GROUP RESULT FOR FULL 2020 FISCAL YEAR Source text for Eikon: Further company coverage: (Berlin Speed Desk)

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