Cargo volumes at Frankfurt Airport (FRA), Europe's busiest cargo airport, continued to decline in the first nine months of the year as market challenges continued to drag demand.

In a statement, Fraport reported a 12.9% drop in air freight volumes in the January to September period.

"FRA's cargo volume declined ...  year-on-year in the first nine months of 2022. This was due to the overall situation of the economy as well as persistent airspace restrictions due to the war in Ukraine and comprehensive anti-Covid measures in China," it said.

Meanwhile, as cargo volumes continued to drop, FRA welcomed a total of 35.9 million passengers in the first nine months of 2022 after the year got off to a weak start due to the Omicron variant, but then demand rebounded quickly driven mainly by leisure travelers.

In several months of the current fiscal year, passenger volumes consistently exceeded the levels of the corresponding period of 2021 by more than 100%.

For 2022 as a whole, Fraport said it is aiming for a result at the "upper end of the forecasts." Likewise, passenger volumes in Frankfurt are expected to reach the upper range of predictions, between about 45 and 50 million.

Revenue for the January to September period was also strong. 

Fraport said the first nine months of 2022 saw a "significant gain" in Group revenue, which rose by 57.6% year-on-year to some €2.137 billion (the figure for the corresponding period of 2021 was approx. €1.357 billion, in each case adjusted for IFRIC 12).

The EBITDA or operating result advanced by 32.8% year-on-year to €828.6 million (9M/2021: €623.9 million).

Upper range of forecasts expected for full-year 2022

"In view of the positive trend during the first nine months of 2022 and the stable outlook for the fourth quarter, Fraport expects to reach the upper range of the forecast, as adjusted in the interim report on the first half," it said.

For Frankfurt, Fraport still anticipates a total passenger volume of between about 45 and 50 million. Revenue is expected to slightly exceed €3 billion for 2022 as a whole.

EBITDA is projected to reach between about €850 million and €970 million, while EBIT is expected to be in the range from approximately €400 million to €520 million.