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Germany's Lufthansa sees profits surge following summer travel boom

AFP
AFP - [email protected]
Germany's Lufthansa sees profits surge following summer travel boom
A Lufthansa plane. Photo by J Ph on Unsplash)

Lufthansa reported a surge in third-quarter profits Thursday after a strong summer travel season, and said it expected the boom to continue in the months ahead.

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The German airline group booked a net profit of €1.2 billion from July to September, up 47 percent on the same period a year earlier.

The jump was driven by "strong demand, higher capacity" and more expensive ticket prices, Lufthansa said.

The group -- whose carriers include Lufthansa, Eurowings, Austrian, Swiss and Brussels Airlines -- said sales rose by eight percent to €10.3 billion, delivering "the strongest quarter in its history in revenue terms".

A total of 38 million passengers travelled with the group's airlines in the third quarter, an increase on a year ago but still below the pre-pandemic levels of 2019.

READ ALSO: Germany's Lufthansa to hire 20,000 employees as recovery gathers pace

Looking ahead, Lufthansa said it was seeing robust demand for the fourth quarter with bookings already up year-on-year.

"The very good summer demand has extended into October, and demand for air travel during the Christmas season is strong," it said.

The company confirmed it was on track to meet its financial targets but said it was "mindful of geopolitical and macroeconomic risks".

Lufthansa expects earnings before interest and taxes -- its preferred measure of profitability -- of more than €2.6 billion this year.

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