Fraport announces cost-reduction measures in response to coronavirus

Frankfurt Airport operator Fraport has announced new cost-reduction measures in response to the impact of the coronavirus.

Cost-saving measures include: reduced administrative and operating costs where possible, individual assessments for new recruits, and staff being offered unpaid holiday and part-time shifts where possible.

In a statement, Fraport explained: “All major costs are being reviewed closely.

“New staff hires at Fraport AG will only be possible in exceptional and justified cases. Employees in both administrative and operational jobs have been offered voluntary unpaid vacation or temporary reduced working hours – where this is compatible with operational requirements.”

Stefan Schulte, Fraport’s executive board chairman, emphasized: “The coronavirus epidemic comes at a time when Germany’s aviation industry, in particular, is already facing significant challenges.

“In April [this year], an increase in the German aviation tax will unilaterally strain our industry even more. However, aviation has survived a number of crises in the last few decades and emerged stronger every time. We are responding decisively to this difficult situation with our timely countermeasures.”

Fraport will issue its guidance for the current fiscal year at the company’s annual financial press conference on March 13, 2020.