Germany’s largest airline, Lufthansa, has posted a $20 million profit (earnings before interest and tax) in Q3 2021, the first profit since the beginning of the pandemic, compared to a loss of 1.262 billion euros a year ago.
The earnings were boosted by the easing of COVID-19 travel restrictions and strong demand in the summer season.
Third-quarter revenue almost doubled to 5.2 billion euros, compared to an average analyst forecast for 5.5 billion.
Lufthansa says bookings are back to four-fifths of pre-crisis levels, with strong sales in premium classes. The group plans to offer more than 70% of its usual capacity in 2022.
Lufthansa is the flag carrier and largest German airline, which, when combined with its subsidiaries, is the second-largest airline in Europe in terms of passengers carried. Its subsidiary passenger airlines include Austrian Airlines, Swiss International Air Lines, Brussels Airlines, and Eurowings.
Lufthansa completed a 2 billion-euro capital raise last month to help repay a government bailout.