Lufthansa Group releases Q3 2019 results
The group’s pre-tax earnings were down by EUR 100 million compared to Q3 2018
Lufthansa Group, the largest European airline in terms of passengers, has revealed its key figures for Q3 2019.
According to officials, the group achieved an adjusted earnings-before-interest-and-tax (EBIT) of EUR 1.3 billion (US$1.43 billion) in Q3 2019, a slight dip from its Q3 2018 figure of EUR 1.4 billion ($1.55 billion), marking an 8% decrease.
The airliner however attributes this drop to higher fuel costs introduced this year, which were EUR 171 million ($189 million) above the 2018 level in Q3 alone. The group blames the rising fuel prices primarily to currency movements.
Fuel price costs between January and September were EUR 620 ($686.9 million) million above the level in the previous year.
Total revenue for the group increased in Q3 2019 by 2% to EUR 10.2 billion ($11.3 billion) compared to EUR 10 billion ($11 billion) the previous year. The group’s revenue for January-September this year stood at EUR 27.7 billion ($30.69 billion), showing a 3% increase compared to last year’s EUR 26.9 billion ($29.8 billion).
Net group results for the first nine months added up to EUR 1 billion ($1.1 billion), EUR 800 million ($886 million) less than the previous year.
“In an increasingly challenging market environment, it is more vital than ever that we consistently take every action within our influence and further reduce our costs,” says Ulrik Svensson, CFO of Deutsche Lufthansa AG. “We expect all Group companies to make their contribution here. And to these ends, we have resolved several further measures to improve the performance of our only modestly profitable and even loss-making companies.”