Vienna airport operator Flughafen Wien reported a 16 percent drop in first-quarter net profit, weighed down by a sharp decline in traffic to emerging Europe, but slightly better than the market had expected.

Net profit in the quarter to March fell to EUR17.5 million euros (USD$24.5 million) as revenue declined 6 percent to EUR121.4 million, the company said Tuesday.

A 15 percent decline in passenger traffic in the first three months was the main factor for the drop in revenue, Flughafen said. Passengers traveling to the emerging countries of Europe fell 18 percent, while Middle Eastern traffic held up better.

Flughafen continued to predict traffic would improve again in the rest of the year, reiterating a full-year traffic decline outlook of 9 percent.

Flughafen is the main hub for Austrian Airlines, the carrier being taken over by Lufthansa.