ITA Airways posted a 2023 net loss of only €5m, a strong improvement from the year before, and revenues of €2.4 billion amid an increase in the flights it operates, the company said today.
Germany's Lufthansa is seeking to buy a stake in state-owned ITA, which officially replaced loss-making Alitalia in 2021, but the negotiation is facing hurdles as European regulators warn it could harm competition and push up prices.
The company, which generated adjusted core profit (EBITDA) of €70m in 2023, had posted a net loss of around €486m in 2022 due to lingering effects of the Covid pandemic and rising fuel costs. ITA's 2022 revenues amounted to €1.5 billion.
"These extremely positive results are the result of considerable efforts by ITA Airways staff," Chairman Antonino Turicchi told a news conference.
ITA carried 14.8 million passengers in 2023, up 46.9% from 2022, achieving a 79% load factor on its planes, company slides showed. It ended last year with around €450m in cash liquidity.
Lufthansa is planning to buy a 41% stake in ITA from the Italian Treasury for €325m. Following the EU competition warning this week both parties said they would come up with remedies to clear the deal.
