Pictured
at recent Fraport press gag, Chairman of the Board Dr. Wilhelm Bender
- second from left turns attention and business to Dr. Stefan Schulte,
left, incoming Deputy Chairman in charge of “finance & construction”.
Next in line is retiring Prof. Dr. Schoelch, “father” of Cargo
City South and Fraport board member Herbert Mai.
The press
conference trumpeting the outstanding financial result of Fraport included
its activities and business in Frankfurt-Hahn (Germany), Antalya (Turkey),
Hannover (Germany), Lima (Peru that is), Saarbrucken (Germany) and Frankfurt
(Germany) itself - achieved during the first three quarters of this year
- was great for the shareholders and gratifying for the board.
Turnover increased by 3.6 % to EUR 1.62
billion for the nine-month period compared with the same period in 2005.
The profit resulting from this moderate
revenue increase jumped up by 48 % to better than EUR 200 million.
There was little detailed mention, as numbers
brought smiles all around, about passengers, cargo and mail.
Focus nowadays seems to be on the real estate
growth strategy of Fraport AG.
Shareholder value is also a key motor for
Fraport. There is hardly any other aerial gateway or other commercial
real estate in Europe where one square meter in the concession sales area
delivers the kind of profit as does FRA.
When you compare passenger concession revenue
numbers to the rather flat return from the sprawling air cargo complex,
and then start thinking about the switch of Asiana from Fraport Cargo
Services with its better than 3,000 tons per month to another handling
partner, what is happening here may not seem unusual.
The paradox is that like it or not, Frankfurt
is still the top air cargo gateway in Europe, and many feel simply cannot
allow its position to fritter away.
But while everyone waits for the next shoe
to drop any good handicapper can tell you what happens next is almost
a sure thing.
Just follow the money.
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