Lufthansa more than doubles 2023 profits in COVID recovery
March 7, 2024
German airline Lufthansa more than doubled its profits in 2023, figures released on Thursday showed, as another round of worker pay strikes affected passengers.
Germany’s national airline saw its profit margin rise above an already healthy increase the previous year as international aviation recovered from the coronavirus pandemic.
How numbers divide
Lufthansa reported a net profit of 1.67 billion euros ($1.82 billion) in 2023, far exceeding the figure of 791 million euros in 2022.
It is the second consecutive year of profits for the group, which includes subsidiaries Eurowings, Austrian, Swiss and Brussels Airlines, after two years of losses due to COVID-19-related border closures.
Revenues increased by 15% to more than €35 billion, while a total of 123 million passengers flew with Lufthansa and its daughter airlines – a 20% increase on the previous year, but still below levels pre-pandemic record.
“The Lufthansa Group has regained its financial strength,” Chief Executive Carsten Spohr said in a statement, adding that 2023 was “one of the three best years in the history of the Lufthansa Group.”
Lufthansa, fully back in private hands after being rescued by the German government in 2020, said it wants to pay dividends to shareholders for the first time since 2019.
More to come…
rc/kb (AFP, Reuters)
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Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.