Swiss with profit diver in the first quarter
Published: Tuesday, Apr 30th 2024, 07:20
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Although Swiss achieved higher sales at the start of the year, it suffered a dip in profits.
The Lufthansa subsidiary increased its turnover by 8.1 percent to 1.2 billion Swiss francs in the first three months. However, operating profit fell to 30.7 million francs, as the airline announced in a communiqué on Tuesday. In the previous year, it had left the loss zone of the pandemic for the first time again and posted an operating profit of 78.4 million francs.
The slump in profits was due, among other things, to lower average yields, a weaker freight business and increased costs, particularly in the personnel area, explained Swiss.
As expected, the exceptional market conditions for the industry in the immediate aftermath of the pandemic have eased further. Although demand for travel remains high, many airlines have further increased their capacity.
"This also led to lower average revenue for us than in the previous year. In addition, the freight business, which benefited from an exceptionally strong tailwind during the coronavirus period, has weakened noticeably," explained CFO Markus Binkert
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