Freight News, Air

Lufthansa profits surge… market share drops

[ March 4, 2021   //   ]

Lufthansa Cargo says it achieved the best result in its 26-year history in the 2020 financial year. Revenue rose by 11% to €2.76 billion euros, while adjusted earnings before interest and tax rocketed almost out of sight, from €1m to €772 million.  Average load factor improved by 7.8% to 69.1% but cargo capacity shrank by 36%.

Paradoxically, though, Lufthansa Cargo lost market share, chief executive Dorothea von Boxberg told an online press conference. She explained that half of Lufthansa Cargo capacity is belly space on passenger flights operated by the parent airline, and this was reduced by two thirds during the Covid crisis. Carriers operating only freighter aircraft have gained market share, she said.