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June 19, 2024

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Lufthansa Group posted a €734 million net loss in First Quarter 2024, but reiterated a positive outlook for the summer 2024 peak travel season.  Much of the first quarter loss was attributed to labor disputes that cost the airline more than €350 million during the quarter.  Revenues, however, increased to €7.3 billion, a 5% increase year-over-year, with a 12% increase in passenger traffic on a 12% increase in capacity.  

Lufthansa Group CEO Remco Steenbergen stated “We cannot be satisfied with the operating result for the first quarter; at more than 350 million euros, the various strikes had a significant impact on our result. Nevertheless, cash flow was positive due to the continuing high demand for air travel. We were also able to further strengthen our balance sheet. In the coming months, we will work intensively to compensate for the effects of rising costs. We have taken additional measures to this end, particularly at Lufthansa Airlines, which is significantly affected by rising personnel expenses and fees. I therefore remain convinced that we will be able to achieve stable unit cost development for the year as a whole without taking the strikes in the first quarter into account.”

 


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author avatar
Ernest Arvai
President AirInsight Group LLC