AdP Maintains Forecasts After Q1

August 31, 2012

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Aeroports de Paris maintained its profit outlook despite posting lower-than-expected first-quarter earnings on Friday, as weakness in core activities clouded brisk retail and property earnings.

The operator of Charles de Gaulle and Orly airports in Paris said earnings before interest, tax, debt and amortisation (EBITDA) slipped 0.2 percent to EUR€464 million (USD$584 million) in the three months to end-June as revenues rose 4.1 percent to EUR€1.267 billion.

ADP said gross earnings from airport operations fell 14 percent, weighed down by higher external costs while retail earnings grew almost 10 percent.

ADP, which recently acquired 38 percent of Istanbul airport operator TAV, reiterated a forecast for modest growth in its widely watched EBITDA as well as passenger traffic and revenue for 2012.

It maintained a parallel goal of increasing EBITDA by 40 percent between 2009 and 2015.

(Reuters)