Fraport cuts spending ahead of new terminal

[FRANKFURT] Fraport, the operator of Germany's largest airport, Frankfurt Airport, is throttling back its capital expenditure ahead of a planned major investment in a third terminal there from 2016, its finance chief told a German newspaper.

"Our first priority was to create the necessary capacities for future growth. We did that," chief financial officer Matthias Zieschang said in comments published by Boersen-Zeitung on Saturday.

With most work now complete on the Northwest Runway and the Concourse A Plus, built to take A380 super jumbos, the company's investments fell to 290 million euros (S$494.7 million) in the first nine months of this year. In the same period last year, it was 430 million euros.