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4/30, 7:12 AM (Source: TeleTrader)
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Lufthansa revenue up 3% YoY to €7.9B in Q1

German aviation giant Lufthansa AG announced on Tuesday its revenue in the first quarter of fiscal 2019 increased 3% on an annual basis to reach a figure of €7.9 billion. Lufthansa adjusted EBIT for the first quarter amounted to a loss of €336 million, significantly decreasing from €52 million earned in the same quarter of last year. The company said its net loss stood at €342 million, where as the figure in the same quarter last year was €39 million.

Lufthansa said that the loss recorded in the first quarter was mainly to the an increase in fuel costs. Additionally, the company said it invested €1.2 billion in the first three-month period of 2019, primarily in more fuel-efficient aircraft. Lufthansa Cargo earnings fell by 67% on an annual basis, to reach €24 million.

"Overcapacities, especially on short- and medium-haul European routes, substantially depressed our first-quarter earnings... We are confident, though, that we will see a recovery in our unit revenues as early as the second quarter. Our confidence is based above all on our favorable booking levels for the months ahead," Lufthansa Chief Financial Officer Ulrik Svensson pointed out.

Breaking the News / SS