Profits at Lufthansa have more than trebled in the first half of 2002, according to figures released this morning.
The group's revenue between January and June totalled €8.2 billion, up 4.7 per cent on the year, and it posted an operating result of €332 million.
Despite the difficult operating environment, Lufthansa generated traffic revenue in the first six months of €5.9 billion, 5.8 per cent less than in the same period of last year.
The group's airlines adjusted their capacity to the smaller demand and so raised the rate of use of their aircraft.
Cost cuts in all business segments ensured operating expenses grew at a slower rate. They totalled €8.2 billion, only 3 per cent higher than in the first six months of 2001. Staff costs went up by 10.2 per cent owing to the consolidation of additional companies.
The company has upped its profit forecast and now envisages a full-year operating result of at €500 million despite the effects of September 11th.