Germany's biggest airline Lufthansa today posted solid third quarter results - thanks to a strong performance by itself and subsidiary Swiss.
Lufthansa net profit jumped by 78% to €586m from the same time a year earlier, well above the level forecast by sector analysts. Operating profit came in slightly below estimates but, nonetheless, gained 52% to €599m on an 18% rise in sales to €6.28 billion.
Lufthansa said it had benefitted from the full consolidation of Swiss and a higher proportion of seats sold on its flights. The carrier also got a €714m boost from a one-off reduction in expected tax expenditure and the sale of its stake in tourism company Thomas Cook.
Lufthansa sales rose to €16.5 billion in the nine months through September from €15 billion a year earlier, the carrier said. Operating profit rose to €1.085 billion helped by a €90m contribution from Swiss airline in the third quarter, it added.
Lufthansa in March 2005 bought Swiss to expand its passenger traffic business and aimed to generate about €165m in annual savings.
The company said it 'expects the good operating development to continue' and sees operating profit for the full year reaching about €1.3 billion, which would be a record for the German carrier.
