Lufthansa reports year-to-date operating profit/net loss; full year profitability uncertain
Lufthansa reported (28-Oct-2009) the following preliminary results for the nine months ended Sep-2009, with the complete interim report to be published today (29-Oct-2009):
- Revenue: EUR16.2 billion, -13.2% year-on-year;
- Operating profit^: EUR226 million, -76.3%;
- Net profit (loss): (EUR32 million), compared to a net profit of EUR529 million in the previous corresponding period.
- Outlook: Lufthansa warned that it could miss its target of making an operating profit in 2009, adding that the “positive outlook for the year remains subject to very considerable risks”. [more]
- ^ Includes also first-time earnings contributions from Austrian Airlines and British Midland totaling EUR28 million and earnings from the reversal of a bad will, as a result of the initial consolidation of Austrian Airlines (EUR61 million).
Lufthansa: “The Lufthansa Group's earnings continue to be subject to very considerable risks as a result of volume and price trends and renewed oil price increases. A sharp drop in revenue and continued pressure on earnings is therefore expected for the full year. Negative earnings contributions are also anticipated from the new companies in the airline group over the months ahead. Business performance in the fourth quarter will therefore be a deciding factor in whether these factors can be successfully compensated for and the goal of a positive operating result for the now expanded Group can still be achieved,” Company Statement, 28-Oct-2009.