Lufthansa: Q3 net profit up 30 per cent despite fuel costs, revenue up 9 per cent
(Il Sole 24 Ore Radiocor) - The Lufthansa Group closed the third quarter with a net profit of €1.25 billion, up 30 per cent on the €966 million recorded in the same period a year ago, despite a €543 million rise in fuel costs, which was offset by both revenue growth and cost discipline. Revenue for the quarter rose by 9 per cent to €12.2 billion (from 11.19 per cent a year ago), whilst adjusted operating profit stood at €1.4 billion, up 6 per cent compared with the same period last year. The adjusted operating margin, however, fell to 11.5 per cent from 11.9 per cent. The results exceeded analysts’ expectations. “The quarter just ended was the best in terms of revenue in the history of the Lufthansa Group,” said CEO Carsten Spohr. We managed to increase operating profit by six per cent compared with the previous year. Thanks to revenue growth, driven by consistently high demand, and rigorous cost discipline, we were able to more than offset the rise in fuel costs of around half a billion euros. Our investments in modernising the fleet and in-flight products are increasingly paying off. The focus remains on Lufthansa Airlines. Following the successful turnaround in terms of reliability and customer satisfaction, we must now accelerate the financial restructuring of our flagship brand through the measures already planned and further actions, to restore it to its role as the leading airline and benchmark within the Lufthansa Group, including in terms of value creation.”
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