Berlin, November 3 (BNA): The German company Lufthansa announced, on Wednesday, the return of its operating profit in the third quarter for the first time since the Corona virus crisis, supported by the easing of travel restrictions and strong demand during the summer season.
Reuters reported that the group reported adjusted earnings before interest and taxes of 17 million euros ($19.69 million) in the quarter, versus a loss of 1.262 billion euros in the same period last year.
Analysts in a survey provided by the company expected an adjusted EBIT loss of 33 million euros.
The company’s revenue in the third quarter nearly doubled to 5.2 billion euros, compared to analysts’ expectations of 5.5 billion euros.
“We have mastered another milestone on our way out of the crisis: we are back in the black,” CEO Carsten Spohr said in a statement.
Lufthansa, which also owns Eurowings, Swiss, Brussels and Austria Airlines, said it expects demand to develop positively, leading to positive EBITDA in the fourth quarter.
It said third-quarter capacity, measured in available seats in kilometers, was 50% of its pre-crisis level. It expects capacity for 2022 to rise to more than 70% from the 2019 level.
The airline said new bookings are currently at 80% of the 2019 level, driven by a recovery in business bookings and increased demand for long-haul flights, especially to the United States, which will open to travelers from Europe next week.
Air freight company Lufthansa reported a record EBIT-adjusted 301 million euros for the quarter, as demand and air freight rates soared due to ocean freight bottlenecks and disruption to global supply chains.
Lufthansa shares were noted to rise 3.4% in pre-market trade.
MI