April 23, 2020 / 7:53 AM / a month ago

UPDATE 1-Paris airport operator sees gradual traffic recovery from June

(Adds CEO comment, details)

PARIS, April 23 (Reuters) - Airport operator ADP said on Thursday it expects a gradual recovery in air traffic starting from June, after the coronavirus shutdown reduced first-quarter passenger numbers by 10.1% to 44.5 million.

Revenue for the quarter fell 5.6% to 911 million euros ($983 million), said ADP, which manages airports around the world including Paris Charles de Gaulle and Orly.

“This decline in traffic has amplified in April and should remain at a low level in May,” Chief Executive Augustin de Romanet said in a company statement.

The Paris-based company declined to give guidance for the full year and said it planned to scrap the portion of its 2019 dividend not already granted to shareholders.

ADP predicted that 2020 group revenue would decline by 2 billion-2.5 billion euros on the assumption that traffic is down by 55-65% for the remainder of the year at major hubs including Paris.

ADP said it had liquidity of 1.4 billion euros as of March 31 and expected no financing difficulties in the medium-to-long term. The group is taking steps to cut operating costs by 270 million euros this year.

$1 = 0.9268 euros Reporting by Laurence Frost; Editing by Susan Fenton

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