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Lufthansa Cargo revenue rose 12% to 799 million euros in the second quarter of 2024 compared to the previous period in 2023
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Adjusted earnings before income tax dropped 3% to 36 million euros, resulting in adjusted margin at 4.5% in the second quarter
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Available cargo ton kilometers and cargo load factor grew 13% and 1.8% year-on-year
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Lufthansa Group revenues increased 7% to 10 billion euros for the period in review
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Group operating profit or adjusted EBIT plunged 37% while group net loss dropped 47%
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The company revised its annual outlook to an adjusted EBIT of 1.4 to 1.8 billion euros for the 2024 financial year
Lufthansa Cargo revenue rose 12% to 799 million euros in the second quarter of 2024 compared to the previous period in 2023, driven by higher yields and increasing volumes.
Adjusted earnings before income tax dropped three percent to 36 million euros, resulting in an adjusted margin at 4.5% vis-a-vis the 5.2% in the second quarter last year, the Lufthansa Group said in a statement, broadly in line with its prior-year level. It said it “expects a good second half-year.”
It added: “The high demand for e-commerce shipments and capacity bottlenecks in maritime traffic led to an increase in demand at Lufthansa Cargo and thus to a higher cargo load factor.”
Cargo load factor in the second quarter inched up 1.8% year-on-year. Available cargo ton kilometers (capacity) were 3,555 million, up 13%.
From January to June 2024, the company’s logistics business segment carried a capacity of 6,569 million, a 10% increase over the prior-year period, while cargo load factor grew 2% year-on-year.
The Lufthansa Group attributed the capacity increase to the “expansion of the passenger business and the associated increase in cargo hold capacities.”
For the second quarter, Lufthansa Group revenues increased 7% to 10 billion euros.
Group operating profit or adjusted EBIT plunged 37% to 686 million euros, while group net loss amounted to 469 million euros, down 47% over the prior year.
Key drivers were the 11% expansion of the flight program in the passenger business and strong performance in the maintenance, repair, and operations (MRO) segment, the company said.
“Flying has lost none of its fascination – global demand for air travel remains strong. As a result, we exceeded the 10 billion euros turnover mark for the first time in the second quarter. However, due to the increase in available seat capacity, the normalization of air fares and average yields continued in all markets worldwide in the first half of the year. In view of the simultaneous rise in costs, profit expectations had to be adjusted across the industry – and also for us,” said Lufthansa Group chairman and CEO Carsten Spohr.
“It is particularly pleasing that in the current challenging environment all the other passenger airlines in the Group, as well as Lufthansa Cargo, remain on course in line with market developments,” Spohr added.
Following its first-half year loss, the Lufthansa Group revised its annual outlook to reach an adjusted EBIT of 1.4 to 1.8 billion euros for the 2024 financial year.
This outlook is largely dependent on the earnings performance at Lufthansa Airlines and the “traditionally important” fourth quarter at Lufthansa Cargo, the company said.
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