Lufthansa Group Posts Narrower Loss In Q1, Group Revenue Up 40%; Confirms FY Outlook

(RTTNews) - Lufthansa Group (DLAKF, DLAKY) said the Group result for the first three months is still negative mainly due to normal seasonality. The operating loss was halved compared to the previous year. The Group increased its revenues by 40 percent.

First quarter net loss narrowed to 467 million euros from a loss of 584 million euros, last year. Loss per share was 0.39 euros compared to a loss of 0.49 euros. The adjusted EBIT was negative at 273 million euros compared to a negative adjusted EBIT of 577 million euros. The company noted that it achieved a significantly better result in the first quarter than in the first quarter of 2019.

Group revenue increased by 40 percent to 7.0 billion euros. Number of passengers increased significantly to 22 million. Passenger airline revenue rose by 73 percent in the first quarter to 5.2 billion euros.

In the second quarter, the company anticipates capacity to increase to around 82 percent of the pre-crisis level. Adjusted EBIT in the second quarter of 2023 is expected to be higher than the second quarter result of 2019.

For the full year 2023, the company confirmed its target of achieving a significant year-on-year improvement in adjusted EBIT. The Group expects to make significant progress towards achieving the targets set for 2024.

Remco Steenbergen, CFO of Deutsche Lufthansa AG, said: "The continuously strong demand gives us confidence for the coming months. The summer travel season will provide a major contribution to achieving our targets for 2023."

At the end of March 2023, the company had liquidity of 10.5 billion euros available. The Group noted that its liquidity remains above the target corridor of 8 to 10 billion euros.

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