Lufthansa Cargo Q12024 revenue down 16% on lower yields
Capacity rose 7% due to expansion of air traffic; revenue tonne-kilometres increased 10%; Group revenue up 5% at €7.4bn
Lufthansa Cargo reported a 16 percent decline in revenue at €691 million for the first quarter of 2024 on 25 percent lower yields compared to last year.
Adjusted EBIT declined to (-) €22 million from €151 million in Q12023, says an official release.
"Capacity rose by seven percent due to the expansion of air traffic and revenue tonne-kilometres increased by 10 percent. Excluding the strike effects of €25 million, the quarterly result was slightly positive."
America reported a 17 percent decline in traffic revenue at €268 million on five percent increase in revenue tonne-kilometres. Asia-Pacific revenue was down 20 percent at €259 million on 18 percent increase in revenue tonne-kilometres.
Lufthansa Group reported a five percent increase in revenue at €7.4 billion (previous year: €7 billion) and an operating loss (adjusted EBIT) of €849 million (previous year loss: €273 million). "Strikes, both by various employee groups within the Group and by employees of our system partners, had a negative impact of around €350 million on earnings."
Carsten Spohr, Chairman, Executive Board and CEO , Deutsche Lufthansa says: "We are now leaving the first quarter behind us, which was mainly impacted by strikes, and are at a turning point. We have reached long-term wage agreements for the majority of our employees. This means planning certainty and clarity for the coming years. We are still seeing strong demand, which is even significantly higher than last year for the summer. We are therefore continuing to expand our offering and are growing on long-haul routes in particular. Our planes remain well filled throughout.
"One thing is already clear: it will be another very strong summer. I am particularly pleased that we are continuing to see a positive trend not only among leisure but also business travellers. We are now devoting all our energy to further expanding our premium customer offers and ensuring punctual and reliable flight operations."
Outlook
Adjusted EBIT for the full year is now expected to be around €2.2 billion euros (previously: stable earnings development compared to €2.7 billion in 2023), the release added.
