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Copenhagen Airports Profit Up 19 Percent
November 3, 2005 Copenhagen Airports posted a 19 percent rise in nine month pretax profit on Thursday but forecast lower full-year earnings after hurricanes slowed business at its Mexican airports.
It raised its passenger traffic estimate due to an increase in charter business.
CPH's January-September pretax profits rose to DKK712 million kroner (USD$115.1 million) from DKK597 million (USD$96.5 million) a year earlier. Revenue was also in line with expectations at DKK2.1 billion (USD$339.5 million), up from DKK1.9 billion (USD$307.2 million).
Besides running Kastrup Airport, and the smaller Roskilde Airport, CPH owns stakes in airports in China, Mexico and Britain.
Last month, Australia's Macquarie Airports bid DKK2,000 (USD$323) per share for the company, valuing it at DKK15.7 billion (USD$2.54 billion).
The company cut its forecast for full-year 2005 pretax profit to DKK825 million (USD$133.4 million) from DKK900 million (USD$145.5 million), citing the Gulf hurricanes and advising costs related to the bid by Macquarie.
Following that bid, CPH pulled out from the privatization of Budapest Airport, and costs linked to the withdrawal also contributed to the lower profit forecast, the company said.
But CPH raised its prediction for full-year passenger traffic growth to between 3 and 4 percent from 2.5 percent due to the better charter traffic.
CPH's board of directors has recommended the Macquarie offer and big local institutional investors have accepted it, but the Danish government has said it will not sell its 39.2 percent stake.
Macquarie has said a takeover of the government stake is not a precondition for the offer, which expires on December 9.
(Reuters)
Ist ja nichts neues das wir hier der Zeit etwas vorraus sind!!!!;D :yes:munich hat gesagt.:^Sehr gut erkannt, Herr Chefvolkswirt!
Sagen wir hier im Forum doch schon lange ;D