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Cargo still challenging despite turnaround says Lufthansa

FRANKFURT: August 03, 2017. The Lufthansa Group has reported a 99 percent rise in pre-tax profit to €1.03 billion on a 12.7 percent increase in revenue to €16.9 billion for the first six months of 2017. "We have achieved the best first half-year result in our company's history," said CFO Ulrik Svensson.

LH Cargo people 1The group's logistics business - contributing 6.7 percent of revenue compared to Catering at 7.5 percent – saw a 16.6 percent rise to €1.15 billion for the first half of the year and a pre-tax profit turnaround from minus €46 million in H1 2016 to €84 million this year.

Revenue cargo tonne-kilometers rose 5.0 percent to 4.25 billion during the period – reflecting the latest IATA data that saw global cargo demand rise 10.4 percent year-on-year. "Air cargo is flying high on the back of a stronger global economy. Demand is growing at a faster pace than at any time since the Global Financial Crisis. That's great news after many years of stagnation," said director general and CEO Alexandre de Juniac.

Despite the general upturn, Lufthansa Cargo said the airfreight market "remains challenging" and will cut annual staff costs €80 million by next year as it continues to develop partnership programs with ANA, Cathay Pacific Cargo and United Cargo.

During the first six months of 2017 the airline produced a 20.2 percent rise in Asia revenue to reach €458 million, followed by the Americas up 16.5 percent to €451 million, Europe up 5.7 percent to €93 million and the Middle East/Africa up 1.2 percent to €84 million.

The Logistics segment and its 4,476 employees also includes airfreight container manager Jettainer Group; urgent shipment specialist time:matters; and 50 percent of the Leipzig-based cargo airline AeroLogic.

Meanwhile the Lufthansa Group's Catering business employed 35,353 people and made a pre-tax contribution of €14 million on a 4.7 percent increase in revenue to €1.59 billion in the first half of 2017.

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