Lufthansa earns $30 billion in first 9 months of 2018, a bit short of $33 billion it had projected

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Lufthansa Group has generated total revenues of $30 billion (EUR 26.9 billion) in the first nine months of 2018, a bit short of the $33 billion it had projected.

The reduced earnings by $2.7 billion (EUR 2.4 billion) before interest and tax (EBIT) represent a 7.7 percent decline from last year.

Total revenues increased by 6 percent on the prior-year period, while traffic revenues were up 7 percent.

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As a result of the first-time adoption of the new IFRS 15 accounting standard, the reported growth of total revenues to EUR 26.9 billion was only 0.5 percent, while the reported traffic revenues declined by 1 percent to EUR 21.1 billion.

The airline said the reduction was primarily caused by the integration costs at Eurowings.

Adjusted EBIT margin for the period amounted to 8.8 percent. Nine-month results were also burdened by a EUR 536 million or $608 million rise in fuel costs, an increase in the costs incurred in connection with flight delays and cancellations, and higher maintenance expenses.

“We expect to see our full-year costs increase by more than EUR 1 billion in 2018 due to fuel costs and the extra expenses incurred from delays and cancellations alone,” says Carsten Spohr, Chairman of the Executive Board & CEO of Deutsche Lufthansa AG. “But despite this, we achieved an Adjusted EBIT of EUR 2.4 billion for the first three quarters of this year, the second-best nine-month result in our history. And had it not been for the losses at Eurowings, we would have posted another record earnings result. This is a clear testament to our sustainable financial strength – a strength that we have demonstrated even under challenging conditions this year.”

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