Lufthansa expects further ‘significant improvement’ after return to profit
Germany’s Lufthansa (LHAG.DE) on Friday said it delivered a “clearly positive result” for 2022 and expects a significant improvement in earnings this year as air travel recovers from COVID restrictions.
Passenger numbers doubled and net revenue almost doubled from that achieved in 2021, although the figures remain short of pre-pandemic levels.
“Lufthansa is back,” CEO Carsten Spohr said in a statement. “In just one year, we have achieved an unprecedented financial turnaround … Demand for air travel remains high in 2023,” he added.
The shares were up more than 6% on Friday soon after the results were announced, having climbed more than 30% in value since December last year.
The company reported a full-year operating profit of 1.51 billion euros ($1.60 billion), compared to a loss of 1.6 billion euros a year ago.
Fourth-quarter profit swung to 575 million euros from a loss of 42 million euros, in line with expectations.
The balance sheet also improved, with net debt falling to 6.9 billion euros from 9 billion euros.
This report’s information was first seen on REUTERS; to read more, click this link.
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