The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer, HeyWorld and a 50% stake in AeroLogic, saw revenues improve by 5% to €876m, earnings before interest and tax (ebit) were up 40% to €83m and cargo traffic improved by 7% to 2.2bn revenue cargo tonne kms.
The outbreak of fighting in the Middle East led to capacity shortages as leading cargo carriers in the region grounded operations, which would have boosted the volumes and revenues of carriers that were able to keep flying.
Carriers with freighters operating on the Asia-Europe trade lane in particular benefited from the situation.
The carrier also benefited from a 7% increase in capacity, a large part of which was due to the cargo business now marketing the capacities of ITA Airways.
“In the context of the significant change in the market environment since the start of the conflict in the Middle East, the cargo business gained further momentum towards the end of the quarter,” said Lufthansa.
“A reduction in the volume of capacity on the market and ongoing disruptions to global supply chains prompted a recovery of yields relative to previous quarters.
“In particular, this trend was driven by continued strong business in the Asia/Pacific region as well as a stable overall level of market demand. This was reflected in an increase in cargo tonnage.”
However, the carrier added that some of the gains were offset by increased operating costs as fuel prices increased.
