Monitoring Desk
ISLAMABAD/BERLIN: German airline giant Lufthansa said on Friday it returned to yearly profit in 2022 after two years of losses, its fortunes lifted by rebounding demand as the economies reopened after Covid-19 shutdowns.
According to the AFP, the airline reported a net profit of 791 million euros during the previous year. That compares to a net loss of 2.2 billion euros in 2021 and also 6.7 billion euros in 2020.
Company’s CEO, Carsten Spohr, said that Lufthansa is back. “In just one year, we achieved an unprecedented financial turnaround… the Lufthansa Group achieved a much good result than expected. The demand for air travel remains high in 2023,” he said.
Operating profit of 1.5 billion euros
The group reported an adjusted operating profit of 1.5 billion euros, in line with expectations. When the coronavirus halted global air travels, Lufthansa suffered massive losses and was bailed out by the German government in 2020.
But as vaccines were rolled out and nations shifted to living with the coronavirus, the airline benefited from pent-up demand and bounced back faster than expected. The group includes Eurowings, Austrian, Swiss, and Brussels Airlines.
