Lufthansa Cargo breaks more records in Q1

By Damian Brett

Photo: Lufthansa Cargo

Lufthansa’s cargo business continued to report record performance in the first quarter of the year as it benefitted from additional capacity and higher rates.

The Germany-based airline’s logistics division, which includes Lufthansa Cargo, Jettainer, time:matters and its investment in AeroLogic, saw first quarter revenues reach a record for the period of €1.2bn – an increase of 46% compared with last year. Earnings before interest and tax (ebit) for the period improved by 52% on last year to €481m.

The division’s operational results also improved, with volumes in revenue tonne kms climbing by 7% to 1.8bn and capacity was up by the higher amount of 18% to 2.6bn available cargo tonne kms as passenger flying was ramped up.

However, supply outstripping demand meant that the average cargo load factor for the first quarter slipped by 7.2 percentage points to 68.8%.

“The performance of the Logistics segment is still at a record high.” Lufthansa said. “Total market freight capacity continues to be down as a result of the coronavirus pandemic and the consequent absence of belly capacities on passenger aircraft.

“Demand for the remaining freight capacities remains very high; operating stability has been maintained despite a difficult operating environment, which included lockdowns in China and the southerly bypass of Russia.”

Yields, the company said, continued to climb to “unprecedented heights”.

Meanwhile, the overall Lufthansa Group’s results improved in the first quarter, although rising fuel costs held back the recovery of its passenger airline business during the first three months of the year.

The German airline group reported an overall first-quarter net loss of €584m, compared with a €1.05bn net loss in the same period a year ago.

2021 revenues increased by 38% year on year to €3.8bn.

Lufthansa Cargo posts record results

Lufthansa Cargo flies high

Kuehne ups his stake in Lufthansa

Share this story

Related Topics

Latest airlines news

AirBridgeCargo applies to return freighters to lessors

By Rebecca Jeffrey

Russian media has reported that AirBridgeCargo (ABC) has applied to the Russian Ministry of Transport with a request to return…

Read More

Share this story

Cathay Pacific Cargo resumes full freighter schedule

By Rebecca Jeffrey

Cathay Pacific Cargo has resumed its full freighter schedule and will be operating between 90 to 100 freighters each week….

Read More

Share this story

Canada invests to keep freight moving

By Chris Lewis

The Canadian Government has pledged investment to make the country’s air transport system more reliable in the face of extreme…

Read More

Share this story