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Lufthansa reports big Q1 loss news
06 May 2011

Lufthansa Group has reported a net loss of 507 million ($752.6 million) for Q1, up from 298 million in the year-ago period. Lufthansa clarified that the loss is not as sharp as it seems as it includes a 300 million charge associated with a change in the value of fuel hedge options.

CFO Stephan Gemkow said the charge was "purely an accounting effect," and added that the "hedging options are taking a lot of pressure off our operating result."

First-quarter revenue was up 11.8% year-over-year to 6.4 billion while operating loss was 227 million, down from an operating deficit of 330 million in the year-ago period.

Lufthansa Passenger Airlines posted a first-quarter operating loss of 234 million, LH Group said in a preliminary earnings release.

Swiss International Air Lines earned a first-quarter operating profit of 17 million, Austrian Airlines incurred an operating loss of 64 million, bmi reported a 63 million operating deficit and Germanwings suffered an operating loss of 44 million.

"In addition to the effects of the catastrophes in Japan and the political unrest in North Africa, [LH Group's negative first-quarter] result can also be attributed to the rise in oil prices during the past months and the burdens brought about by the severe winter," the company stated.

 





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Lufthansa reports big Q1 loss