Lufthansa Cargo has reported that its first quarter profits fell substantially due to negative market trends it has particularly seen on Europe – Asia trade lanes.
The carrier said adjusted EBIT was down 74 per cent to €19 million, with the adjusted EBIT margin declining by 7.3 percentage points from 11.2 per cent to 3.9 per cent.
Revenue for the logistics business segment of the Lufthansa Group, including Lufthansa Cargo and time:matters and Jettainer was down four per cent to €616 million due to declining yields on American and Asian routes.
Load factors fell sharply, down 6.8 percentage points from 69.6 per cent to 62.8 per cent with most regions seeing declines in their numbers.
Lufthansa Cargo’s fleet is being expanded and in the spring it takes delivery of two Boeing 777Fs while another two will go towards its DHL JV AeroLogic. Two MD-11 Freighters will be retired by the end of 2019.