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Lufthansa is hurting as Germany is gripped by strikes
  + stars: | 2024-03-07 | by ( Anna Cooban | ) edition.cnn.com   time to read: +4 min
The strikes have also discouraged numerous customers from booking flights — particularly last-minute ”profitable” flights — resulting in a ”significant sales loss” for the company, he added. Lufthansa Group reported operating profit of around €2.7 billion ($2.9 billion) — the third-biggest in its history, and up 76% from 2022. The Verdi union, which represents 25,000 Lufthansa ground staff, had called for them to go on strike from early Thursday and until Saturday morning. The strikes are just the latest in a wave of industrial action in Germany, famed for its strong legal protections for workers, and follow walkouts by train drivers in January over wages. Deutsche Bahn, Germany’s state-owned rail operator, said it expected the industrial action to have a “massive” impact on its operations.
Persons: Berlin CNN —, Remco Steenbergen, Verdi, Marvin Reschinsky, Michael Niggemann, Chris Stern, Olesya Dmitracova, Eve Brennan, Rob North Organizations: Berlin CNN, Berlin CNN — Germany’s, Lufthansa Group, Lufthansa, Austrian Airlines, Security, Hamburg, Monetary Fund, Deutsche Bahn Locations: Berlin, , Frankfurt, Dusseldorf, Germany, Germany’s, London
DOHA, Qatar (AP) — Marrit Steenbergen won gold for the Netherlands in the women's 100-meter freestyle Friday at the World Aquatics Championships. “The back half is my specialty,” said Steenbergen, who also was part of the winning Dutch team in the 4x100 freestyle relay. World record-holder Sarah Sjöström of Sweden is at the championships but withdrew from the 100 free before the preliminaries. The Americans, who are three-time reigning Olympic champions, bounced back from a quarterfinal loss at last year’s world championships in Fukuoka. Hungary came up just short of its first women's world title since 2005.
Persons: Marrit Steenbergen, Siobhán Haughey, Hong Kong, Steenbergen, , , Haughey, Jack, Kate Douglass, ” Haughey, Australia's Mollie O'Callaghan, Sarah Sjöström, Rachel Fattal, Ashleigh Johnson, ___ Organizations: Paris, Dutch, Doha, United, Olympic, Greece Locations: DOHA, Qatar, Netherlands, Hong, Fukuoka, Australia, Sweden, United States, Hungary, Fukuoka . Hungary, Spain
Lufthansa sees earnings boost from strong summer travel
  + stars: | 2023-05-03 | by ( ) www.reuters.com   time to read: +1 min
SummarySummary Companies Sees strong demand for summer travelConfirms 2023 outlookQ1 adj EBIT loss 273 mln euros, in line with consensusQ1 revenues up 40% at 7.02 bln eurosFRANKFURT, May 3 (Reuters) - German airline group Deutsche Lufthansa (LHAG.DE) said it expected strong demand for holiday travel this summer to fill seats on its planes and help it reach its full-year targets. "The continuously strong demand gives us confidence for the coming months," finance chief Remco Steenbergen said on Wednesday. Lufthansa said it still expects to post a significant year-on-year improvement in adjusted earnings before interest and tax (EBIT) for the full year 2023. For the first quarter, it posted an adjusted EBIT loss of 273 million euros ($300.96 million), improved from a 577 million loss in the year-earlier period and broadly in line with analyst consensus for 279 million. Revenues jumped 40% to 7.02 billion euros in the three months through March, though the figure fell short of consensus for 7.57 billion.
The company's full-year operating profit of 1.51 billion euros ($1.60 billion) came after a loss of 1.6 billion euros a year ago. Fourth-quarter profit swung to 575 million euros from a loss of 42 million euros, in line with expectations. The balance sheet also improved, with net debt falling to 6.9 billion euros from 9 billion euros. However, operating profit was still 34% lower than the pre-pandemic 2019 level and passenger numbers had only recovered 72%. The company said it expects "further significant improvement" in operating profit this year.
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