Profit statements

Lufthansa raises 2022 profit outlook due to strong demand for air travel

BERLIN, Oct 17 (Reuters) – Lufthansa (LHAG.DE) on Monday raised its full-year adjusted operating profit forecast to more than 1 billion euros ($980.40 million) , boosted by strong demand for air travel that continued its post-COVID recovery.

The company previously forecast adjusted operating profit (EBIT) of more than 500 million euros.

Preliminary third-quarter results indicate the airline nearly doubled its year-on-year revenue in the third quarter to 10.1 billion euros, with an adjusted quarterly profit of 1.1 billion euros.

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The impact of the strikes caused profits to plummet by around 70 million euros, according to the airline’s statement.

“Based on the positive development in the third quarter, the current booking situation, which continues to reflect strong demand for air travel in the coming months (…) The Lufthansa Group is raising its forecast for the entire the year,” the statement said.

The final quarterly results are expected on October 27.

Lufthansa’s Eurowings pilots began a three-day strike over working hours on Monday, affecting tens of thousands of passengers – the latest in a series of strikes and strike threats by the airline’s employees.

Still, Lufthansa chief executive Carsten Spohr struck a positive note last week about the sector’s future, saying Japan’s reopening to tourists and an increase in business travel demand were keeping it going despite the ‘inflation.

Consumer demand for travel within Europe is holding up, with consumers willing to pay higher fares, according to recent statements from airlines such as Ryanair (RYA.I) and EasyJet (EZJ.L).

($1 = 1.0200 euros)

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Reporting by Victoria Waldersee; Editing by Riham Alkousaa, Christoph Steitz and David Evans

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