Lufthansa achieves first quarterly net profit in more than two years

The leading European air transport group Lufthansa, driven by its freight branch, made its first net profit in the second quarter since the Covid-19 pandemic and forecasts operating profit of at least 500 million euros for 2022. The carrier, through its Cargo branch, benefited above all in the second quarter from demand and still high prices in freight transport, while the results of the airlines -Lufthansa, Austrian, Swiss, Eurowings and Brussels Airlines- remained in the red.

Due to disruptions at airports and the lack of staff, the group has however slightly lowered its traffic expectations in the third quarter, which promises to be more complicated. The airline group canceled thousands of flights this summer, like other European companies, in the face of the disorder that has spread to airports with the resumption of post-pandemic demand. The group, which has cut more than 30,000 jobs since 2020, must now hire 5,000 people in the second half.

The Lufthansa group back in the green

The Lufthansa Group is back in the green“, welcomed the patron, Carsten Spohr, in a press release. “It is now a matter of continuing to stabilize operations.Lufthansa had also been confronted with a one-day strike by its ground staff at the end of July, leading to the almost total cessation of operations at its two main airports, Frankfurt and Munich. Demand, however, is expected to remain high despite the difficulties, with bookings for the months of August to December reaching 83% of the pre-pandemic level.

In detail, the passenger activity made an operating loss of 86 million euros in the second quarter, compared to 1.2 billion in the second quarter of 2021. Between April and June, cancellations and delays cost 158 ​​million euros. euros euros. Over the first six months, companies remain in the red by 86 million euros in total, with only Switzerland having made a meager operating profit of 45 million. The cargo branch generated 482 million euros in operating profit in the second quarter, up year on year, making an operating profit of nearly one billion in the first half. Its technical subsidiary generated 100 million euros in the second quarter.

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