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Deutsche Lufthansa profit up 62 percent

Staff writer ▼ | March 14, 2014
Deutsche Lufthansa's operating profit, adjusted for non-recurring effects, rose year on year by 62 percent to EUR 1.042bn (previous year: EUR 643m). The reported operating profit came to EUR 697m, having totalled EUR 839m the previous year.
Lufthansa
LufthansaDeutsche Lufthansa's operating profit, adjusted for non-recurring effects, rose year on year by 62 percent to EUR 1.042bn (previous year: EUR 643m). The reported operating profit came to EUR 697m, having totalled EUR 839m the previous year.


A comparison of the reported results is of little informational value, however. The previous year's reported result was largely boosted by non-recurring income from transferring operations at Austrian Airlines, while the result for 2013 was depressed by restructuring and project costs for the installation of the new Lufthansa Business Class seats.

Lufthansa Group revenue was stable at EUR 30.0bn (previous year: EUR 30.1bn). At EUR 313m, net profit for the year, which last year also included a profit of EUR 631m from the sale of shares in Amadeus IT Holding, S.A., was lower, as expected (previous year: EUR 1.2bn).

Lufthansa and Germanwings increased their operating profit last year to EUR 265m – an increase of EUR 240m and thus the most visible earnings improvement in the Group. Adjusted for restructuring costs, the increase even came to EUR 340m.

The passenger business overall performed well in 2013, contributing EUR 495m (previous year: EUR 556m, including one-off effects) to the Group's operating result. Swiss accounted for a substantial share of EUR 226m, a year-on-year increase of EUR 22m.

Austrian Airlines generated a profit in 2013 without tailwind from special items for the first time since joining the Lufthansa Group. The company's profit of EUR 25m for the financial year is EUR 178m lower than in the previous year. However, the previous year's positive result was solely due to non-recurring effects in connection with the transfer of flight operations to Tyrolean Airways.


 

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