Operating profit fell to CHF30.7 million in the first three months, the Lufthansa subsidiary announced on Tuesday.
Keystone / Gaetan Bally
Although Swiss International Air Lines (SWISS) achieved higher revenue at the start of the year, it suffered a dip in profits.
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Operating profit fell to CHF30.7 million ($33.6 million) in the first three months of 2024, the Lufthansa subsidiary announced on Tuesday.
In the previous year, it posted an operating profit of CHF78.4 million after returning to the black for the first time since the pandemic in the first half of 2022.
However, the airline’s turnover increased by 8.1% to CHF1.2 billion.
The slump in profits was due, among other things, to lower average revenues, weaker cargo business and increased costs, particularly in personnel, SWISS said.
As expected, the exceptional market conditions the industry experienced in the immediate aftermath of the pandemic have continued to normalise. Although demand for travel remains high, many airlines have further increased their capacity.
“This has also led to lower average revenues for us than in the previous year. In addition, the cargo business, which benefited from an exceptionally strong tailwind during the coronavirus period, has weakened significantly,” explained CFO Markus Binkert.
Adapted from German by DeepL/kp
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