Lufthansa's cargo business posted record results for the second year in a row, helped by improved demand and higher air freight rates.
The logistics arm of the Germany-based airline, which includes Lufthansa Cargo, Jettainer, Time: Matters, and investment in AeroLogic, saw its 2021 revenue rise 38% year-on-year to 3.8 billion euros, with EBIT up 109% year-on-year % to 1.5 billion euros. The cargo volume for the year increased by 11% to 7.2 billion metric tons/km, and the cargo load factor increased by 1.7 percentage points to 71%.
The company said production was double its pre-COVID-19 level. It also benefited from a cost-cutting program launched before the pandemic. "During the reporting year, the air cargo market continued to be characterized by an extreme shortage of belly capacity due to the coronavirus pandemic," the Lufthansa Air cargo company said in its annual report.
The Lufthansa Air cargo company also lacks much of the belly capacity of the group's airlines, which typically carry half of the total cargo volume. Flexible network planning, the use of passenger aircraft as pure freighters, and the delayed retirement of Boeing's MD-11F fleet can only partially compensate for these effects.
Last year, the company added two new B777 freighters to its freighter fleet and now has 15 b777fs, including its AeroLogic share.
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