BERLIN (Reuters) – Lufthansa reported a slightly better-than-expected quarterly profit on Thursday due to strong travel demand this summer and said flight booking rates remained high in the run-up to the Christmas holidays.
European airlines posted record quarterly profits as customers continued to travel despite the cost of living crisis. However, the outlook has darkened with the rise in oil prices due to the conflict in the Middle East and the risks of economic recession.
In the third quarter, Lufthansa reported adjusted operating profit before interest and taxes (Ebit) of 1.47 billion euros, up 31% year-on-year and slightly above the consensus of 1.43 billion provided by the company.
“Even if the geopolitical situation remains difficult, our booking outlook gives us reason to be positive not only for a very good result for the group this year, but also beyond,” said CEO Carsten Spohr.
Lufthansa expects to post a positive operating result for the fourth quarter, which should enable it to achieve its adjusted Ebit target of more than €2.6 billion for the full year 2023.
(Report by Maria Sheahan; Lina Golovnya, edited by Blandine Hénault)
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