Lufthansa Cargo 9-months revenue grows 37% to €2.4 billion

November 9, 2021: For the third quarter ended September 30, revenue was up 50 percent to €834 million. While capacity increased 18 percent, sales was up 11 percent.

Story: Higher yields and more capacity saw Lufthansa Cargo traffic revenue increase 37 percent to €2.4 billion for nine months ended September 30, 2021 from €1.8 billion in January-September 2020.

Lufthansa Cargo increased capacity (available cargo tonne-kilometres) by 5 percent compared to the previous year and sales (revenue cargo tonne-kilometres) increased 11 percent to 5.2 billion.

"Cargo load factor improved four percentage points to 71.8 percent and yields, adjusted for exchange rate effects, went up in all traffic regions and were 25.4 percent higher overall than the previous year," an official statement said.

For the third quarter ended September 30, revenue was up 50 percent to €834 million. While capacity increased 18 percent, sales was up 11 percent.

Two additional Boeing 777Fs were integrated into the fleet, and the last MD11-F left the Lufthansa Cargo fleet at the end of October.

Two Airbus A321s that have been converted to freighters will increase freight capacity from early 2022, the statement added.

Lufthansa Group’s cargo business revenue increased 37 percent to €2.8 billion for January-September 2021 on higher sales and better yields.

Capacity (available cargo tonne-kilometres) increased 7% YoY to 8.5 billion while sales (revenue cargo tonne-kilometres) rose 15 percent to 6.1 billion. Cargo load factor at 72.5 percent was 4.5 percentage points higher than last year.

While total group revenue was flat at €11 billion, net loss reduced to €1.8 billion from €5.5 billion in January-September 2020.

Carsten Spohr, CEO, Lufthansa Group, told analysts that the unprecedented strength of the air cargo market will continue.

Cargo results remain on record levels even in the lower-volume summer months, CFO Remco Steenbergen added.