Lufthansa, Ryanair to drive Frankfurt airport passenger growth this year

Lufthansa is currently doing more flying as a result of the demise of local rival Air Berlin, while Ryanair has started flying from Frankfurt as part of a bid to operate from more major airports and expand in Germany. (Reuters)
Updated 16 March 2018
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Lufthansa, Ryanair to drive Frankfurt airport passenger growth this year

FRANKFURT: German airport operator Fraport said it expected passenger numbers at Frankfurt airport to rise by between around 4 to 6 percent this year, driven by main customer Lufthansa and Ryanair.
Lufthansa is currently doing more flying as a result of the demise of local rival Air Berlin, while Ryanair has started flying from Frankfurt as part of a bid to operate from more major airports and expand in Germany.
Fraport expects passenger numbers of between 67 and 68.5 million at Europe’s fourth-busiest airport this year, up from 64.5 million in 2017, it said on Friday after reporting 2017 results.
Frankfurt was slow to open up to low cost carriers. They accounted for around 3 percent of flights at Frankfurt last year, compared with figures of around 10 to 20 percent at other German airports.
In February, passenger numbers at Frankfurt rose 8.5 percent, driven by short-haul European routes. The number of seats offered by carriers at the airport in the upcoming summer travel season is up 7 to 8 percent, Fraport said.
However, main customer Lufthansa is still putting on pressure over airport charges and said on Thursday it remained in talks with Fraport on how to bring costs down, while improving the quality of the services at the airport for passengers.
Fraport said 2017 earnings before interest, tax, depreciation and amortization (EBITDA) dropped 4.8 percent to €1.003 billion, against the average analyst expectation for €1.008 billion in a Reuters poll.
It said it expected an increase to €1.08 billion to €1.11 billion for 2018. The average analyst forecast for 2018 in the poll was €1.13 billion.


Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

Updated 17 July 2019
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Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

  • Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the IMF
  • Egypt has been praised by international lenders for swift reforms implemented since 2016

CAIRO: Egypt’s economy grew 5.6 percent in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister Mustafa Madbouli said on Wednesday.
The budget deficit came in at 8.2 percent of GDP, he said, which was slightly below an official forecast of 8.4 percent.
Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the International Monetary Fund.
Madbouli said Egypt’s primary surplus stood at 2 percent for the fiscal year, which ended in June, and also pointed to a recent drop in inflation as positive signs. Economic growth was up from 5.3 percent in 2017/18 and in line with a government forecast.
“At the same time, it induces us to complete the implementation of reforms and the efforts exerted to achieve the targets for the new fiscal year,” Madbouli said in a statement said.
Egypt has been praised by international lenders for swift reforms implemented since 2016, though austerity measures and inflation have left many Egyptians struggling to get by.
The reforms included a sharp devaluation of the currency, the introduction of value-added tax and the elimination of subsidies on most fuel products.
Headline annual inflation dropped to 9.4 percent in June from 14.1 percent the previous month, though it is expected to rise over the rest of the summer as the impact of the latest round of fuel subsidy cuts kicks in.