Lufthansa Group posts strongest quarter revenue ever, profitability lags behind
The Lufthansa Group has presented its results for the third quarter of 2024, which turned out to be the strongest revenue quarter in the company’s history.
The group’s combined businesses posted €10.7 billion in revenue, 5% more than the same period the previous year, and generated an operating profit (Adjusted EBIT) of €1.3 billion. These figures represent a slightly lower operating margin (12.5% vs 14.3%) and a net profit drop to (€1.1 vs 1.2 billion) compared to the preceding year. The drop in yield was particularly marked in the Asia-Pacific region, with -14%.
The seat load factor increased one point, from 86% in Q3 2023 to 87% in Q3 2024.
Lufthansa Airlines, which includes the group’s core German airline mainline business, continues to be an underperformer, with a €234 million profit decline. The firm blames new aircraft delivery delays, higher staff costs and expenses resulting from poor on-time performance at German airports as the main factors.
The German airline is currently undergoing a turnaround program that is expected to fix most of these lingering issues.
On the positive side, Lufthansa Group reported a reduction in debt during the first nine months of 2024 and informed of strong demand and bookings for the remaining months of the year, particularly in the high margin premium classes (business and first class).
Lufthansa Group also reiterated its financial guidance for the full year 2024, in which it expects to achieve an Adjusted EBIT of €1.4-1.8 billion. The post Lufthansa Group posts strongest quarter revenue ever, profitability lags behind appeared first on AeroTime.
The Lufthansa Group has presented its results for the third quarter of 2024, which turned out to be…
The post Lufthansa Group posts strongest quarter revenue ever, profitability lags behind appeared first on AeroTime.
