Lufthansa returned to profit in the third quarter and free cash flow was again positive. This was announced by the German airline on Wednesday morning.
The adjusted EBIT returned to a positive result of 272 million euros for the first time since the start of the coronavirus crisis. A year earlier, Lufthansa recorded a loss of approximately 1.2 billion euros. Including restructuring costs, the adjusted EBIT amounted to 17 million euros compared to a loss of 1.3 billion euros a year earlier.
Sales almost doubled to 5.2 billion euros. Lufthansa saw a significant increase in bookings, which is now at 80 percent of the pre-crisis level.
The adjusted cash flow, as in the second quarter, was positive at 13 million euros, despite deferred taxes for Lufthansa Technik of 443 million euros. The airline benefited from substantial cost savings and attractive bookings.
Net debt amounted to 9.0 billion euros compared to 9.9 billion at the end of December 2020 and 8.9 billion euros at the end of the second quarter.
For the fourth quarter, the airline is counting on a positive EBITDA. For the whole year, Lufthansa continues to aim for revenue growth compared to a year earlier, while EBIT losses will be less than half the losses in 2020.
Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email firstname.lastname@example.org