A tale of two quarters for Lufthansa
Cargo division enjoys best-ever result, but airline group reports overall loss
Lufthansa Cargo has recorded the most profitable first-half result in its history, but it was not enough to stop the airline group reporting an overall loss of €171 million (US$223 million) for the first six months of 2010.
Lufthansa said the loss was due to a number of factors including industrial action, a severe winter and the closure of airspace during the ash cloud crisis.
But it pointed out that business during the second-quarter of the year had resulted profits of €159 million.
The freight arm reported an operating profit of €144 million for the first half of the year, up €278 million on the same period in 2009.
Lufthansa CFO Stephan Gemkow said: “The freight business shows that consistent cost management also pays off during market recovery phases.
“After implementing intensive measures to improve its result, Lufthansa Cargo went on to record the best first-half result in its history – a truly remarkable performance.”
He added that Lufthansa anticipated increases in revenue and year-on-year operating profit in line with current market expectations, and he expected all the business segments to contribute with positive operating results.
Lufthansa said the loss was due to a number of factors including industrial action, a severe winter and the closure of airspace during the ash cloud crisis.
But it pointed out that business during the second-quarter of the year had resulted profits of €159 million.
The freight arm reported an operating profit of €144 million for the first half of the year, up €278 million on the same period in 2009.
Lufthansa CFO Stephan Gemkow said: “The freight business shows that consistent cost management also pays off during market recovery phases.
“After implementing intensive measures to improve its result, Lufthansa Cargo went on to record the best first-half result in its history – a truly remarkable performance.”
He added that Lufthansa anticipated increases in revenue and year-on-year operating profit in line with current market expectations, and he expected all the business segments to contribute with positive operating results.
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