Lufthansa Cargo profit falls 55.8pc to US$47.1 million in first 9 months

LUFTHANSA Cargo has posted a 55.8 per cent year-on-year decline in net profit in the first nine months of 2013 to EUR43 million (US$47.1 million), having lost EUR18 million in the third quarter, with a 10.7 per cent quarterly revenue drop.

Figures made available appeared incomplete.



"Lufthansa does not make it easy for the casual observer to understand its financial results," said CAPA, the Sydney-based Centre for Asia Pacific Aviation, now Centre for Aviation



"It has three different figures for what is generally called operating profit: EBIT, 'operating result' and 'normalised operating result', plus a fourth indicator, 'adjusted operating margin'. Here is how we paraphrase Lufthansa's 3Q2013 results communications," said CAPA.



"Underlying profitability is moving in the right direction, in spite of weak currency-affected yields. The restructuring programme is starting to have a positive effect, but it also brings one-off costs," said CAPA.



Said the Lufthansa statement: "Cargo volumes were slightly down on last year in the first three quarters of 2013 but average yield fell sharply. Lufthansa Cargo is still generating a profit, however, thanks to flexible capacity management," a group statement reads.



Meanwhile, the delivery of Lufthansa Cargo's first B777 freighter, scheduled to arrive on November 1, "is likely to be deferred several days," a company spokesman told Lloyd's Loading List.



The aircraft's first commercial flight between Frankfurt and Atlanta had been planned for November 10.



"During the final inspection onsite in Everett [Washington, Boeing's main plant], it was found that some extra work is required at the slats of the aircraft's left wing. This has to be done before delivery can take place.



"A team of Boeing engineers and technicians are working flat-out. As soon as the repairs have been carried out, we will decide on a new delivery date," said the Lufthansa spokesman.



A second B777F is planned to be delivered at the end of November followed by two more in 2014 and a fifth in 2015.