Lufthansa Cargo reported an EBIT of €482 million ($492 million) for the second quarter ended June 30, 2022 - an increase of 48 percent compared to Q22021 on higher demand for freight and average yields in the airfreight industry well above the pre-crisis level.

"Exceptionally strong momentum continues due to ongoing capacity shortages, and ~70% of load originates outside of Germany," says the airline in a presentation post the announcement of the results. For Q22022, traffic revenue increased 45 percent to €1.2 billion ($1.23 billion).

While available cargo tonne kilometres increased 20 percent to 2.9 billion compared to 2.5 billion in Q22021, revenue cargo tonne kilometres was down marginally at 1.8 billion. Cargo load factor was down 13 pts at 60.2

In the first half, Lufthansa Cargo achieved a new record adjusted EBIT of €977 million ($996 million) compared to €641 million ($654 million) in H12021. Traffic revenue was up 46 percent to €2.3 billion ($2.3 billion).

"On May 9, 2022, the Lufthansa Group decided to purchase three Boeing 777F cargo aircraft and seven Boeing 777-8F cargo aircraft. In addition, leases for two Boeing 777F cargo aircraft, which run until 2024, will be extended."

Lufthansa Group reported an operating profit of €393 million ($401 million) and Adjusted free cash flow of €2.1 billion (2.14 billion) in the second quarter.

Turnover was up almost three times at €8.5 billion ($8.7 billion) compared to the same period last year (€3.2 billion).

"The Lufthansa Group is back in the black," says Carsten Spohr, CEO, Deutsche Lufthansa AG. "This is a strong result after a half-year that was challenging for our guests but also for our employees. Worldwide, the airline industry reached its operational limits. Nevertheless, we are optimistic about the future. Together, we have steered our company through the pandemic and thus through the most severe financial crisis in our history. Now we must continue to stabilise our flight operations."

At the end of June 2022, the company's available liquidity was €11.4 billion ($11.6 billion) compared to €9.4 billion ($9.6 billion) at the end of December 31, 2021.

Read Full Article