Lufthansa Cargo’s revenue has declined 15.9 per cent to €1.5 billion ($1.6 billion) and has increased losses in the third quarter, though it remains hopeful that things will improve by the end of the year.
The Lufthansa Logistics segment, which includes Lufthansa Cargo, posted an earnings before interest and tax (EBIT) loss of €69 million compared to a profit of €35 million last year. In the third quarter, EBIT was down 60 per cent to a loss of €24 million.
The Lufthansa Group says there is some good news from the cargo division, as September was the best month of 2016, meaning the end of the year could be an improvement.
Lufthansa chief executive officer and chairman of the executive board, Carsten Spohr says: “Despite the volatility of our business and despite the difficult market environment, we are looking ahead with confidence to 2017. We are moving forward; we are making things happen; we are delivering. We will continue to further work on our future viability also next year.”
From January to September, revenue tonne kilometres were down 1.3 per cent to 6.1 billion, and available tonne kilometres dipping 0.6 per cent to 9.4 billion. The load factor was down 0.4 percentage points to 65.6 per cent.