London, 9 March (Argus) — German airline Lufthansa recorded a €1.1bn ($1.5bn) net profit in 2010, up substantially from a net loss of €34mn in 2009, the airline said today.
The positive showing included a one-off €400mn tax benefit. But the carrier also registered a 22pc increase in revenue, to €27.3bn, and a nearly seven-fold increase in operating profit, to €876mn, despite “adverse one-off factors”.
The airline provided few other details in advance of its full annual report, which is due to be released on 17 March.
The International Air Transport Association (IATA) estimates that the airline industry recorded net profits of $16bn in 2010 as it began a slow and shaky recovery from the economic crisis. But IATA has warned that airlines' 2011 balance sheets will be hit hard by high fuel prices and tax increases.
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