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Freight flights bring Lufthansa some air
Lufthansa also flew in a bitter loss in the first quarter of this year due to the corona lull. But freight flights bring Lufthansa some air.
Yazar: Tom Roberts
Yayınlanma: 1 Mayıs 2021 03:58
Güncellenme: 25 Aralık 2024 02:49
Freight flights bring Lufthansa some air
The Lufthansa group, rescued by the state, also flew in a bitter loss in the first quarter of this year due to the corona lull. With sales of 2.56 billion euros (-60 percent), the bottom line was a halved loss of 1.05 billion euros, as the group reported in Frankfurt. But freight flights bring Lufthansa some air.After international air traffic had almost collapsed in March 2020, Lufthansa suffered a loss of 2.12 billion euros in the same quarter of the previous year, with sales falling by 18 percent to 6.44 billion euros. The cargo division Lufthansa Cargo, which posted a record operating profit of 314 million euros in the quarter, made positive contributions. Lufthansa Technik also returned to the profit zone with an increase in maintenance business in the USA and Asia with an increase of 16 million euros.
The sluggish vaccination process in Europe and persistent travel barriers further paralyzed air traffic in the first three months of this year. Despite a slight recovery before Easter, the group only offered 21 percent of its capacity from 2019 and, with 3 million passengers, carried only a tenth of the passengers at that time. CEO Carsten Spohr continues to expect a sharp increase in demand from the summer. Nevertheless, Lufthansa only trusts itself to achieve a traffic performance of up to 40 percent for the year as a whole. The forecast of up to 50 percent was capped.
However, the company has got a better grip on the operational cash outflow in ongoing business. According to the report, it was 235 million euros per month and thus below the forecast of 300 million euros. In the second quarter, the value is expected to drop to 200 million euros. Cash and cash equivalents at the end of the quarter were 10.6 billion euros compared to 11.1 billion euros at the end of 2020.
The group received government aid from Germany, Austria, Belgium and Switzerland last year 9 billion euros, of which 5.4 billion euros have not yet been used. A loan of one billion euros from KfW Bank included in this has already been repaid, but on the other hand Lufthansa has also taken on new debts. At the upcoming general meeting (May 4), the board of directors wants to be given a framework of 5.5 billion euros for raising new equity.
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