Lufthansa Group reported a revenue of EUR 7.9 billion for first quarter of 2019, a three-percent increase on the same period last year.
However, its First-quarter Adjusted EBIT amounted to EUR -336 million, substantially down on the EUR 52 million of the prior-year period. The key drivers of this earnings decline were a EUR 202 million increase in fuel costs and a deterioration in unit revenues in Europe.
The Lufthansa Group invested EUR 1.2 billion in the first quarter of 2019, a large part of it in new more cost- and fuel-efficient aircraft.
Also its net financial debt rose to around EUR 5.8 billion (prior year: EUR 3.5 billion) as a result of the first-time adoption of the IFRS 16 accounting standard.
For 2019 as a whole, the Lufthansa Group still expects to report year-on-year revenue growth of a mid-single-digit percentage amount and an Adjusted EBIT margin of 6.5 to 8.0 percent.