Lufthansa Cargo posts US$17 million loss despite 8.2pc revenue increase

2012 03 12

LUFTHANSA CARGO has posted net losses of US$17 million in 2011, down from its record profit of $1.5 billion in 2010, due to cost burdens from the valuation and the sale of its UK-based British Midland Airways (BMI).

Despite revenue increase of $37.9 billion to $35 billion its operating profit plunged 18 per cent to $1.1 billion. It met a net profit of $380 million during its first nine months and as yet has not announced its fourth quarter or full-year earnings due on March 15.

The drawn-out sale by British Airways' parent International Airlines Group (IAG) for Lufthansa's BMI, the second-largest airline at London's Heathrow Airport, was agreed in December 2011 at a sale price of $272 million on the back of 56 valuable landing slots.

The UK's Office of Fair Trading (OFT) has declined to review deal under competition rules which means the decision will be made by the European Commission.

Source Shipping Gazette - Daily Shipping News

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