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UPDATE 1-Paris' ADP lifts full-year EBITDA forecast

Published 08/31/2010, 02:03 AM
Updated 08/31/2010, 02:08 AM

* 2010 EBITDA forecast upgraded from flat to slight increase

* H1 revenue up 2.5 percent, EBITDA up 2.1 percent (Adds details)

PARIS, Aug 31 (Reuters) - Paris airports operator ADP reported rises of more than 2 percent in first-half revenue and gross operating profit despite lower passenger traffic and raised its forecast for full-year earnings. Increased revenue per passenger in recently modernised terminal areas helped push Aeroports de Paris' sales up 2.5 percent to 1.318 billion euros ($1.68 billion), the company said on Tuesday.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 2.1 percent to 432.3 million euros, it added. "Assuming passenger traffic in the same order of magnitude in 2010 as in 2009, Aeroports de Paris is maintaining its forecast of a slight increase in 2010 revenue compared to 2009," the company said in a statement.

ADP raised its forecast for full-year EBITDA, predicting a slight increase compared with 2009. Following the Icelandic volcano crisis in April, ADP had forecast EBITDA for 2010 in the same range as last year.

Traffic fell 2.1 percent in the first half but would have risen by 1.4 percent without the six-day shutdown of European airspace caused by the threat of volcanic ash.

The operator of Charles de Gaulle and Orly airports said it had seen 4.6 percent growth in revenue from retail and services, driven mainly by commercial activities, which benefited from a 12.9 percent jump in shopping revenue in restricted areas.

ADP reiterated that a newly signed 2011-2015 plan for investment and regulated tariffs would see 2.4 billion euros ploughed into projects like refurbishment of old terminals.

The plan will cap increases in regulated landing fees at 1.38 percent above inflation.

Shares in the state-controlled airports operator closed on Monday at 54.52 euros.

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