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Lufthansa profits soar in third quarter on high prices, strong demand

Lufthansa profits soar in third quarter on high prices, strong demand

Surging demand from travel-hungry passengers and high ticket prices delivered the Lufthansa Group its second-best quarter in its history this summer.

In the July to September quarter, the adjusted earnings before interest and tax (EBIT) came in at almost €1.5 billion ($1.58 billion), almost a third higher than a year earlier, the group said on Thursday.

The group – which includes its German flagship airline, plus Swiss and Austrian Airlines, Brussels Airlines, and Eurowings – had only earned more in its day-to-day business operations in the third quarter of 2017, when rival Air Berlin went bust.

The average revenue per ticket was higher than ever before in this year’s third quarter.

Chief executive Carsten Spohr said the group was on course to achieve an operating profit of at least €2.6 billion this year, which would be the third-best result in the company’s history after 2017 and 2018.

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Flight capacity was still lower than in the pre-pandemic period: in the third quarter, the seat capacity on offer was 88% of the 2019 level. For this year as a whole, the target is 85%. And in 2024, the aim is for 95%.

The collapse in aviation caused by the coronavirus pandemic resulted in the Lufthansa Group seeking billions in state aid from Germany, Austria, Switzerland and Belgium. The group had repaid the aid in full by the end of 2022.

Source: dpa

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