Lufthansa Cargo In H1 Loss

Lcag, the autonomous cargo arm of Deutsche Lufthansa AG, said on August 15 it would record a 1996 half-year loss in the DM45-50 million range.

Lufthansa Cargo spokesman Dietrich Seidl said he could not comment on the figures at present, adding that the airline would first publish official half-year results in a shareholders' report due in late August.

The company made a half-year pre-tax profit of DM2.8 million last year and a full-year profit of DM20.4 million.

Half-year earnings dropped one per cent to DM 1.6 billion and the airline's cargo load factor also fell one per cent to 68.1 per cent, the newspaper added.

 

Higher cargo volumes were not able to compensate for an average yield fall generated by an increased market capacity and strong rates pressure.

The Asia/Pacific region suffered revenue problems in particular, it said. Expenditure on fuel and airport charges rose compared to first-half 1995 although by less than budgeted for, the newspaper said