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Lufthansa Group Reports Decline in Profits, But Revenue Increases in 2024
Lufthansa Group, the German aviation giant, has reported a decline in its net profits for the past fiscal year, with a drop of 17.6% to €1.4 billion, compared to €1.7 billion in 2023. At the same time, the group’s operating profit, after accounting for taxes and interest, fell by approximately 41%, reaching €1.6 billion, down from €2.7 billion in the previous year, according to a statement released by the company on Thursday.
Despite the drop in profits, Lufthansa Group saw a 6% increase in its annual revenue, which rose to €37.6 billion. The company also experienced a 7% increase in the number of passengers, reaching over 130 million.
Looking ahead, the airline expects a modest increase in its operating profits for the current fiscal year, after taxes and interest. The company plans to expand the number of seats on its passenger aircraft by approximately 4% compared to last year, which is expected to contribute to revenue growth.
Lufthansa also highlighted that its recovery program continues to play a significant role in improving the profitability of Lufthansa Airlines. The program is anticipated to generate a total impact of €1.5 billion on profits after taxes and interest in the next year, with a projected increase to €2.5 billion by 2028.
Additionally, the company’s supervisory board and executive board are expected to propose a dividend distribution of €0.30 per share for the past fiscal year to the upcoming annual general meeting.