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The airline industry, particularly in Europe, has struggled to cope with the rapid rebound in demand, with huge queues building at many airports because of staff shortages, prompting last-minute cancellations and frustration by holidaymakers.
Lufthansa returned to an operating profit in the second quarter, posting adjusted earnings before interest and tax (EBIT) of 393 million euros ($399.37 million) for the three months through June thanks to booming demand for air cargo flights, the company reported.
Rival Air France-KLM and British Airways-owner IAG (LON:ICAG) last week also reported a return to profit in the second quarter as travellers returned to the skies following COVID-19 pandemic-related travel restrictions in 2020 and 2021.
Lufthansa’s passenger airline business posted an adjusted EBIT loss of 86 million euros, hit by costs related to flight disruptions. However, that was a smaller loss than the 228 million euros forecast by analysts on average.
Lufthansa said it expects to post full-year adjusted group EBIT of more than 500 million euros. Analysts on average expect operating profit of 569 million euros, according to a consensus published on Lufthansa’s website.
($1 = 0.9841 euros)
