Lufthansa reports €1.3 billion Q3 profit after strong summer

Airports

Carsten Spohr Chief Executive Officer | Lufthansa Group

By Sky Industry News

Oct 29, 2024

Lufthansa Group has announced an operating profit of 1.3 billion euros for the third quarter, following a robust summer travel season. Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, expressed gratitude to employees and customers: “Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August."

The group's revenue increased by five percent year-on-year to 10.7 billion euros due to more flights and growth at Lufthansa Technik. However, the operating margin decreased from 14.3 percent last year to 12.5 percent this year due to rising costs.

Passenger airlines within the group saw a six percent increase in passengers compared to last year, welcoming over 40 million guests during the quarter. Despite this growth, average yields dropped by 3.5 percent because of industry-wide capacity expansion.

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Lufthansa Airlines is implementing its "Turnaround" program aimed at enhancing efficiency and reducing complexity amid challenges like delayed aircraft deliveries and higher costs.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG, stated: “The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders.”

In other segments, Lufthansa Technik maintained steady performance while Lufthansa Cargo showed positive results with an operating profit increase in what is traditionally a weaker quarter for air freight.

The group's financial position remains strong with net debt reduced to 5.1 billion euros and available liquidity increasing significantly.

Looking ahead, the company anticipates continued strong demand for air travel through the year's end and plans further capacity increases in the fourth quarter.

Further details on individual business segment results will be available in their third-quarter report published alongside this announcement.