Lufthansa Group reported improved profits for the third quarter (Q3) of the year despite the challenging market conditions, the company said last week.
The group’s Q3 net profit came to 1.42 billion euros up by 79 percent from a net income of 794 million euros in the same period in 2015, with the carrier citing cost-cutting measures and a settlement with employee groups on pension plans for the improved performance.
Adjusted earnings (EBITDA) dropped by 6.5 percent to 1.15 billion euros while Q3 sales also declined to 8.8 billion euros, down by 1.2 percent.
“We are responding to the pricing pressures in the air transport sector with consistent capacity and cost discipline… Our business is diversified and robust. And we are confident to reach last year’s good results’ level also for the full year 2016,” Lufthansa Group CEO Carsten Spohr said, adding that the German flagship carrier wants to grow further through global partnerships and drive consolidation within Europe via its Eurowings platform.