Lufthansa Group sales rose 3 percent to 7.9 billion euros in the first quarter. However, at -336 million euros, adjusted profit before interest and taxes was significantly below the level of the previous year (previous year: 52 million euros).
"The main drivers of the decline in profits were the increase in fuel costs by 202 million euros and the drop in unit sales in Europe," the Group writes. "The continued reduction in unit costs was only partially able to offset these burdens." The consolidated result fell to -342 million euros (previous year: -39 million euros).
"Overcapacity, especially on short- and medium-haul routes within Europe, puts significant pressure on our quarterly results," said Ulrik Svensson, CFO of Deutsche Lufthansa AG. "However, we are confident that our unit sales will rise again in the second quarter. Above all, our confidence is based on a good reserve situation for the coming months."