Germany's Lufthansa posted a return to operating profit in the third quarter, supported by the easing of travel restrictions and strong demand during the summer season
Cargo business record profit of 301 mln eurosexpects high demand for its booming cargo business and the recovery of passenger flights to continue next year, it said on Wednesday, after reporting its first underlying operating profit since the coronavirus crisis.
"We have mastered another milestone on our way out of the crisis: We are back to black," Chief Executive Officer Carsten Spohr said.Lufthansa's air cargo business reported a record adjusted EBIT of 301 million euros, as demand and air freight rates rose due to ocean freight bottlenecks and global supply chains disruptions.
The company's third-quarter revenue almost doubled to 5.2 billion euros, compared with analysts' forecast for 5.5 billion. Lufthansa, which also owns Eurowings, Swiss, Brussels and Austrian Airlines, said it expected demand to develop positively, resulting in positive earnings before interest, tax, depreciation and amortisation in the fourth quarter.
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