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Lufthansa Cargo "weak result"

FRANKFURT/BERLIN: March 18, 2016. Lufthansa Cargo (LCG) reported revenue of €2.35 billion in 2015 and an EBIT of €3 million - a decline of 97.6 percent over the previous year's figure and described by the company as a "weak result".

LCG said it will cut staff costs €40 million by 2018 and reduce its MD 11 fleet to 12 this year following a 2.4 percent drop in tons carried and a 3.4 percent fall in load factor last year.

The Lufthansa Group subsidiary contributed 7.3 percent to total revenue last year compared to Catering, 7.4 percent; MRO, 10.2 percent; and the passenger airline business, 74.3 percent.

RETRO Lufthansa 747-8 The company currently operates 14 MD11 and five B777 freighters that carried 40.2 percent of its traffic in 2015. Freight capacity on passenger aircraft carried 50.6 percent, road feeder services 2.9 percent, and its joint ventures (including Aerologic), 6.3 percent.

LCG cited the steady decline in air cargo markets after the first quarter of 2015, "turbulence in the Chinese market", a very strong U.S. dollar, and numerous pilot strikes, for the drop in its cargo volumes and revenue.

CEO Peter Gerber and Finance/HR head Martin Schmitt also noted "challenging competition, including a number of state-subsidized airlines from the Gulf" as a reason for "still operating in an extremely challenging market environment in the years ahead".

Gerber added that the B777 freighters are saving more fuel [per tonne-mile] than at any time in the company's history while the cooperation with ANA has "gotten off to a superb start and we will be working very closely with another strong airline, United Airlines, in the future".

LCG also announced the introduction of 'myAirCargo' for Lufthansa passengers who will be able to send any kind of personal item via airfreight: "Lufthansa Cargo has often been a pioneer in the past when it comes to developing and launching new products and services," said Gerber. "We want to live up to this again with myAirCargo."

The Lufthansa passenger business (including Germanwings, Eurowings, SWISS, Austrian Airlines and shareholdings in Brussels Airlines and SunExpress), produced revenue of €24.99 billion and an EBIT of €1.46 billion in 2015 – "a good year in economic terms," according to Lufthansa Group chairman and CEO Carsten Spohr.

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