Lufthansa reports best ever results
SHARES in Lufthansa Group, Germany’s largest airline, were up over 3% yesterday after the company reported earnings before interest and tax of €3.3bn (£2.9bn) for 2017.
This represents a 45% increase on its 2016 performance and the company’s best results in its history.
The increase in earnings included the positive €582m (£514m) one-off effect from a collective labour agreement with the pilots’ union of Lufthansa, Lufthansa Cargo and Germanwings, which was recognised in the income statement in December, the company said.
Revenue increased by 12.4% year-on-year to €35.6bn (£31.4bn).
The company cited the strong performance of the group’s airlines as a whole, according to financial statements released by Lufthansa.
During the year the group invested approximately €3bn (£2.6bn), around a third more than in the previous year. THE first direct flights from Ireland to China will begin this summer, providing a boost to tourism and business in both the Republic and Northern Ireland.
Hainan Airlines will operate from the Irish capital to Beijing, while Cathay Pacific will connect Hong Kong with Dublin. Eight direct flights will link the countries each week.
Niall Gibbons, chief executive officer of Tourism Ireland, said the announcement is excellent news for Irish tourism in 2018 and beyond.
Ann McGregor, chief executive of the Northern Ireland Chamber of Commerce and Industry, said: “The new route will facilitate firms and exporters from Northern
Ireland with operations and clients in China as well as Chinese companies who have invested in Northern Ireland.
“In China, the appetite for Northern Ireland goods is increasing. In 2016/17 Northern Ireland manufacturing exports to Hong Kong and China increased to more than £218m.” Ms McGregor added the direct flights to China “also bring enormous tourism potential”.
She said: “Tourists from China may visit Northern Ireland as part of their overall trip to Ireland and thatwouldbeahugeboosttothe tourism market in the region.”