The Lufthansa Group has defied a major fall in revenue to record a €130m (A$195.3m) operating profit for 2009.
The group saw a decline in revenues of 10 per cent to €22.2bn (A$33.3bn) as weaker traffic and yields affected its airline (including its subsidiaries Swiss, Austrian Airlines and bmi) and cargo operations which saw them record consolidated losses. However, this was counteracted by stronger results from Lufthansa Technik, LSG Skychefs and its IT Services division.
“Despite the highly challenging conditions, we cannot be satisfied with our operating profit, but it remains nevertheless a remarkable performance,” commented Lufthansa chairman and CEO Wolfgang Mayrhuber.
Mayrhuber added that the group was expecting an improvement in revenues for 2010 and maintained its goal of recording a higher operating profit. “The timing of a strong recovery of demand and the development of the oil price pose risks that could result in scenarios that either foster or hinder the realisation of this aim,” he said.