Air Transport World

Lufthansa Cargo AG.(Europe)(Brief Article)

Attributing a sharp plunge in 2003 pre-tax earnings to "difficult" economic conditions in a market buffeted by surplus capacities that caused yields to plummet, LH Cargo Chairman Jean-Peter Jansen said massive currency effects also "gravely" impacted business. Close cooperation within the WOW cargo alliance failed to deliver hoped-for results, officials concede, particularly in the area of standard cargo. On the upside, electronic bookings rose 50% over the prior year and now represent 40% of all LHC bookings.

Even after subtracting extraordinary effects of the divestment of a DHL stake on its 2002 balance sheet, putting pre-tax earnings at 133 million [euro] ($167 million), the 2003 results were a steep drop and the company suffered an operating loss after a healthy profit in 2002. …

Log in to your account to read this article – and millions more.