Cheaper fuel lifts Lufthansa’s first quarter results
The figures
Lufthansa said this morning it made a net profit of €425m (£313m) in the first quarter of 2015, up from a €252m loss during the same period a year earlier. The airline's revenues rose eight per cent to €6.97bn.
Nonetheless it still made an adjusted loss before interest and tax of €144m (£106m), although this was slightly better than the €172m analysts had been expecting.
Why it's interesting
It's been a torrid few months for Lufthansa, after the crash of one of its Germanwings planes towards the end of March.
Andreas Lubitz, the co-pilot on flight 4U9525 from Barcelona to Dusseldorf, is thought to have deliberately caused the crash.
But even before the crash, it faced a series of pilot strikes after a dispute with the union over changes to its early retirement scheme.
But Lufthansa did receive a boost from low global oil prices, which has significantly reduced its fuel costs. It said its fuel bill shrank €209m (£154m) in the first quarter of 2015.
What Lufthansa said
Simon Menne, chief officer finance and aviation services at Lufthansa:
All operating business segments were able to increase their results in the first quarter. Above all, Swiss and Lufthansa Cargo have done better than in the previous year. But Lufthansa German Airlines has also shown a positive development, although it was worse hit by strikes and other one-off effects than in the previous year.
In short:
The Germanwings plane crash, as well as a series of strike, mean it's so far been a difficult year for Lufthansa.
Nonetheless, the airline's first quarter results were helped along by the impact of low oil prices on fuel costs, beefing up its bottom line.