Lufthansa posts healthy Q1 profit – retains bullish outlook for 2008

Lufthansa has retained a bullish outlook for 2008 after reporting a Q1 net profit of €57 million ($90.9 million). In spite of the difficult operating environment faced by the industry as a whole, the German flag carrier has posted a result that compares favourably with the year-ago quarter, when it had reported a net of €55 million, minus a €449 million ($790 million) book gain on the sale of its 50 per cent stake in Thomas Cook.

The carrier released a preliminary financial statement yesterday, saying that as a Group it enjoyed a 19.1% year-over-year increase in revenue to €5.6 billion and a 23.7% lift in operating profit to €188 million from €152 million.

Swiss International Air Lines contributed €52 million to the operating result, LH said.

It said it "remains confident that the Lufthansa Group's 2008 operating result will follow up on the operating result from the previous year, and is looking to improve it further," which "appear[s] possible despite the fact that the worldwide economic conditions have worsened perceptibly."

It warned, however, that high fuel prices would alter that forecast. It will release a detailed first-quarter financial report today.