German airport operator Fraport AG said Thursday its 2008 net profit fell 17 percent as revenue declined largely due to a divestment. It expects sales and profits to decrease further this year.
Frankfurt-based Fraport, which runs Frankfurt Airport, continental Europe's second-busiest after Paris Charles de Gaulle, said net profit in 2008 fell to euro173 million ($217.2 million) from euro209 million in 2007. Group revenues for the year fell 9 percent to euro2.1 billion from euro2.3 billion.
Fraport said revenues were lower because of the sale of its subsidiary, International Consultants on Targeted Security, or ICTS, in April 2008.
Fraport did not …
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