Lufthansa returns to annual profit after Covid losses

German airline giant Lufthansa said Friday it returned to annual profit in 2022 after two years of losses, its fortunes lifted by rebounding demand as economies reopened after Covid shutdowns.

The group reported a net profit of 791 million euros ($839 million) for last year. This compares to a net loss of 2.2 billion euros in 2021 and 6.7 billion euros in 2020.

"Lufthansa is back," said the company's CEO Carsten Spohr.

"In just one year, we have achieved an unprecedented financial turnaround... the Lufthansa Group has achieved a much better result than expected. Demand for air travel remains high in 2023."

The group also reported an adjusted operating profit of 1.5 billion euros, in line with expectations.

When the coronavirus brought global air travel to a halt, Lufthansa suffered massive losses and had to be bailed out by the German government in 2020.

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But as vaccines were rolled out and countries shifted to living with the virus, the airline benefited from pent-up demand, and has bounced back faster than expected.

The group also includes Eurowings, Austrian, Swiss and Brussels Airlines.

Source: AFP