English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

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.

News

Written on 15/02/2018, 17:39
first-uae-built-satellite-nears-launch-dateDUBAI: February 15, 2018. The first satellite developed and built at the Mohammed Bin Rashid Space Centre (MBRSC) by Emirati engineers has been flown to...
Written on 14/02/2018, 22:30
saudi-arabia-and-uae-provide-mobile-lift-for-yemen-aid-programSANA'A, Yemen. February 12, 2018. Prior to disbursing US$1.0 billion in humanitarian aid to Yemen next month, Saudi Arabia and the UAE recently arranged...
Written on 14/02/2018, 16:09
master-showjumpers-travel-in-styleHONG KONG: February 14, 2018. The latest Longines Masters equestrian event ended last weekend with a Grand Prix win by France's Patrice Delaveau on his...
Written on 12/02/2018, 18:37
humanitarian-logistics-databank-launchedDUBAI: February 11, 2018. The Humanitarian Logistics Databank, an information-sharing platform for aid agencies, has been launched by Princess Haya bint...
Written on 10/02/2018, 23:29
gac-to-manage-yamal-lng-icebreaker-fleetSABETTA PORT, Russia. February 09, 2018. The Yamal LNG gas project has appointed GAC Russia to manage its fleet of icebreaker tankers at Sabetta for the...
Written on 09/02/2018, 18:26
drones-about-to-take-off-in-singaporeSINGAPORE: February 07, 2018. Airbus has partnered with the Civil Aviation Authority of Singapore and Singapore Post to test its Skyways package delivery...
Written on 06/02/2018, 15:55
singapore-tops-new-belt-road-indexSINGAPORE: February 05, 2018. According to an index of real estate prospects in 67 countries along China's Belt & Road Initiative (BRI), Singapore,...
Written on 04/02/2018, 21:56
record-profit-for-amazon-undermines-the-need-for-tax-breaksWASHINGTON, DC: February 01, 2018. A report from the U.S. Economic Policy Institute (EPI) concludes Amazon fulfillment centers do not boost overall...
Written on 04/02/2018, 21:27
tiaca-adopts-new-vision-with-makeoverMIAMI: January 31, 2018. The International Air Cargo Association has announced a new vision that includes more training and consultancy projects to ensure...
Written on 04/02/2018, 20:26
cartel-members-fined-169-millionLUXEMBOURG: February 01, 2018. The Court of Justice of the European Union has upheld €169 million in fines originally imposed by the European Commission...
Written on 01/02/2018, 20:16
iata-confirms-a-record-year-for-air-cargoGENEVA: January 29, 2018. IATA reports a 9.0 percent year-on-year increase in freight tonne-kilometers (FTKs) in 2017, noting it was the strongest...
Written on 28/01/2018, 18:01
us-4-5-trillion-circular-economy-goes-mainstreamDAVOS, Switzerland: January 24, 2018. BMW has joined 29 major corporations with collective annual revenues of US$1.3 trillion in supporting a circular...
Written on 27/01/2018, 01:21
low-marks-for-russian-corporate-transparencyMOSCOW: January 25, 2018. Transparency International (TI) Russia has published a first-ever study on the financial transparency of 200 Russian companies...
Written on 27/01/2018, 00:09
boeing-loses-bombardier-anti-dumping-caseWASHINGTON, DC: January 26, 2018. In a blow to the Trump administration and Boeing, the U.S. International Trade Commission (ITC) has ruled unanimously...
Written on 26/01/2018, 21:28
ndia-s-gst-expected-to-reduce-tax-ratesKUWAIT CITY: January 25, 2018. According to the latest survey of global logistics executives by Agility, India's GDP is accelerating again after early...
Written on 23/01/2018, 20:30
logistics-industry-optimism-for-emerging-marketsBAAR, Switzerland: January 22, 2018. Emerging markets have ignored growing populism in the U.S. and parts of Europe to "look brighter than they have in...
Written on 22/01/2018, 18:23
u-s-imposes-mandatory-air-cargo-screeningWASHINGTON, DC: January 22, 2018. The U.S. Transportation Security Administration (TSA) has issued an emergency order requiring airlines flying to the...
Written on 18/01/2018, 20:29
extreme-weather-is-world-s-greatest-economic-risk LONDON: January 17, 2018. The latest Global Risks Report from the World Economic Forum (WEF) says extreme weather events are seen as the greatest...
Written on 18/01/2018, 15:17
amazon-shortlists-20-u-s-cities-for-second-headquartersSEATTLE: January 18, 2018. Amazon has chosen 19 U.S. cities plus Toronto, Canada from 238 locations across the U.S., Canada, and Mexico as possible sites...
Written on 17/01/2018, 21:42
seat-builds-spain-s-tallest-logistics-warehouseBARCELONA: January 15, 2018. Car manufacturer SEAT (Sociedad Española de Automóviles de Turismo) is constructing a new automated logistics center to store...

- powered by Quickchilli.com -