Lufthansa first half profit falls 99.1pc to US$4.1 billion as sales fall 52pc
GERMAN flag carrier Lufthansa experienced a 99
GERMAN flag carrier Lufthansa experienced a 99.1 per cent year-on-year decrease in first half operating profit to EUR3.5 billion (US$4.1 billion), drawn on revenues of EUR8.3 billion, down 52 per cent.
Lufthansa's logistics division, which includes Lufthansa Cargo, saw revenues rise in the first half of this year, despite significant cuts to bellyhold capacity.
The carrier said this outcome was a result of demand outstripping supply. 'Demand for the remaining cargo capacities went up during the first half, with the transportation of personal protective equipment in particular being in strong demand,' it said.
Said Lufthansa Cargo chief Peter Gerber: 'Even during the corona crisis, we kept our freighter schedule stable to maintain supply chains via air with high flexibility. Our freighters are of high importance in the current crisis. To achieve massive cost reductions, we took measures early on.'
During the first half of this year, Lufthansa's logistics business posted a seven per cent year-on-year increase in revenues to EUR1.3 billion, while its earnings before interest and tax (ebit) jumped from EUR9 million to EUR258 million
Load factor for the first six months of the year also increased, by 4.4 percentage points to 65.5 per cent.