“State aid from Germany and Greece has brought Fraport back to the profit zone,” Süddeutsche Zeitung reported, referring to the Greek airports management company.
The post continues as follows:
“With the number of passengers increasing again, the MDax group in Frankfurt was able to significantly reduce its operating costs by 18% in the first half of the year compared to the same period last year. In the second quarter, under the impact of the coronavirus crisis, the turnover amounted to 426 million euros, as the company announced. For the shareholders, this meant a profit of 85 million euros after a loss of 182 million a year earlier. Public assistance to Frankfurt and Fraport’s 14 regional airports in Greece contributed significantly to this. Frankfurt Airport received almost 160 million euros from the Federal Republic and the state of Hesse, while Greece decided on an aid package of up to 178 million euros. However, according to CEO Stefan Sulte, the outlook for Germany’s largest airport has not improved. He continues to calculate with losses in 2021 “.
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