GERMANY's Lufthansa" target” Lufthansa's logistics segment first quarter operating profit plunged 74 per
cent year on year to EUR19 million (US$21.3 million),
drawn on revenues of EUR616 million, which fell four per
cent.
The revenue decline was blamed on a
two per cent drop in traffic to 2.1 billion revenue tonne kilometres, lower
load factors and rate declines, particularly between Asia and the Americas.
The profit loss was blamed on a six
per cent increase in operating costs as a result of more costly materials and
services after taking on the belly capacity of Brussels Airlines, higher
depreciation caused by capital expenditure on three new Boeing 777 freighters and
new accounting requirements (IFRS 16).
During the quarter, the airline also
expanded its partnership with Cathay Pacific on routes between
Europe and Hong Kong and two of the new B777Fs were integrated into the
Lufthansa Cargo fleet, while the third contributed to Lufthansa-DHL joint
venture airline AeroLogic.
Lufthansa Cargo will phase out two
of its MD11 freighters by the end of the year.
"Focus remains on improvements
to efficiency and cost structures, which are ongoing," Lufthansa said of
its logistics division, which includes Lufthansa Cargo, time:matters and
Jettainer.
Source : HKSG.
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