GERMAN flag carrier lufthansa posted a surprise third quarter profit of EUR17 million (US$20 million), driven by soaring cargo demand, reported Bloomberg.
This follows strong results from Air France-KLM, with both European carriers enjoying a cargo boom, and prices remaining high.
While Lufthansa's passenger operations posted a loss, the US will reopen to foreign visitors next week, releasing pent-up demand for corporate travel and family trips over the holidays.
Lufthansa's reliance on business travel continues to hold down results, though 'all passenger groups are showing signs of recovery, and cost restructuring progresses,' said Bernstein analyst Alex Irving.
Cargo posted its best-ever performance, as a structural shift to online shopping during the pandemic spurred air freight. Snarled supply links by train and sea have also shifted some goods to air, providing a lifeline to airlines with big freight operations.
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This follows strong results from Air France-KLM, with both European carriers enjoying a cargo boom, and prices remaining high.
While Lufthansa's passenger operations posted a loss, the US will reopen to foreign visitors next week, releasing pent-up demand for corporate travel and family trips over the holidays.
Lufthansa's reliance on business travel continues to hold down results, though 'all passenger groups are showing signs of recovery, and cost restructuring progresses,' said Bernstein analyst Alex Irving.
Cargo posted its best-ever performance, as a structural shift to online shopping during the pandemic spurred air freight. Snarled supply links by train and sea have also shifted some goods to air, providing a lifeline to airlines with big freight operations.
SeaNews Turkey
