Lufthansa reports preliminary operating loss of EUR171m in 1H2010
Lufthansa reported (28-Jul-2010) preliminary operating loss of EUR171 million in 1H2010, compared with a profit of EUR8 million in the previous corresponding period, despite a 23.5% year-on-year increase in revenues to EUR12,600 million. Net loss narrowed slightly from EUR178 million in 1H2009 to EUR104 million in 1H2010. The carrier is scheduled to release its full 1H2010 financial highlights on 29-Jul-2010.
Lufthansa: “On the one hand, the result of the first half-year reflects a positive demand trend, above all in the freight and intercontinental passenger businesses. On the other, it includes adverse effects such as rising fuel prices and the first-time consolidation of Austrian Airlines and bmi, as well as non-recurring factors like the extreme winter, the strike by cockpit staff and airspace closures in April as a result of the volcanic eruption in Iceland. Overall, the momentum behind the performance of the business has further increased the confidence to reach our profitability targets. Lufthansa therefore continues to expect higher revenue. The Executive Board still anticipates an improvement of the operating profit, which on today's estimates should be in line with market expectations,” Company statement. Source: Lufthansa, 28-Jul-2010.