Bmi and Austrian Airlines, both owned by Lufthansa, have posted quarterly profits – the first time since acquired by the German carrier.
For the three months ending September 30, Austrian Airlines’ operating income was €23 million ($32 million), while bmi posted a €3 million operating income.
Upon acquisition of the two airlines Lufthansa cut over 1300 jobs and imposed new strategic plans, which the results show are starting to pay off.
“After a bumpy start to the year, we accomplished a remarkable comeback and have now reached cruising altitude far more quickly than could have been expected,” says Wolfgang Mayrhuber, Lufthansa chief executive officer, in an earnings presentation. “The recovery of the market has helped us to record positive results in all of the business segments.”
Due to €1 billion cost cutting measures Lufthansa expects to post a “substantively positive” operating profit in this year, following losses of €203 million euros in the first half.