Lufthansa joined major European airline companies in predicting an earnings boost this year, as travel demand continues to swing back from the pandemic.
“Lufthansa is back,” chief executive officer Carsten Spohr said. “In just one year, we have achieved an unprecedented financial turnaround.”
Europe's largest airline group, which recently made headlines after seven passengers were injured due to turbulence, said it expects a “significant improvement” on the €1.5 billion ($1.6 billion) it reported in adjusted earnings — before interest and taxes — for 2022. Summer vacations to Mediterranean countries and travel on North Atlantic routes will be particularly strong, the carrier said.
Lufthansa is the last major European airline to report earnings for last year, joining Air France-KLM and British Airways parent IAG in predicting a recovery approaching pre-pandemic levels in 2023. While European household and company budgets continue to get squeezed by high inflation, demand for business travel and summer getaways in particular has remained robust.
The global aviation sector as a whole has enjoyed a comeback since most countries lifted their coronavirus restrictions. Airbus said last month that it’s increasing the rate of production on its largest aircraft to meet rebounding long-haul demand, and budget carriers like Ryanair have said that summer bookings point to a strong summer season.
Capacity is expected to reach up to 90 per cent of pre-pandemic levels. However, Lufthansa also cautioned that persistent bottlenecks in the European aviation system will limit capacity to about 75 per cent in the first quarter.
The airline said it expects to make further progress this year toward hitting its minimum earnings margin target of 8 per cent by next year. Spohr said the target is required to cut debt Lufthansa incurred during the pandemic, when the airline group was bailed out by the government.
While analysts expect Lufthansa to compete on short-haul flights, they also point out that two-thirds of the airline's short-haul business is transfer traffic, meaning passengers can easily switch to the likes of British Airways or Air France — increasing pressure on the airline to maintain its standards.
On Thursday, the German carrier announced it will buy 22 new widebody aircraft from Airbus and Boeing in an order valued at $7.5 billion, as the carrier aims to meet rising long-term demand for intercontinental travel.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
more from Janine di Giovanni
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
