German airline conglomerate Lufthansa Group reported a decline in net profit for fiscal 2024, dropping to €1.4 billion ($1.5 billion) from €1.7 billion the previous year.

The group generated an operating profit, or adjusted earnings before interest and taxes (EBIT), of €1.6 billion compared to €2.7 billion last year.

In 2024, Lufthansa increased revenue by 6% year on year to €37.6 billion. Passenger numbers grew by 7% to over 130 million.

For 2025, the group expects adjusted EBIT to be significantly higher than in the previous year.

It said that it plans to expand the seating capacity of passenger airlines by around 4% compared to the previous year. The company expects a further increase in revenue as a result.

The German conglomerate noted that its turnaround program will continuously contribute to improving the earnings of Lufthansa Airlines.

In 2026, the measures are expected to achieve a gross effect of around €1.5 billion on EBIT, and in 2028 of around €2.5 billion.

For the financial year 2024, the executive board and supervisory board plan to propose a dividend of €0.30 per share at the annual general meeting, the company announced.

Source: dpa.com