Lufthansa Technik (LHT), the maintenance division of German flag carrier Lufthansa, has announced an operating profit of €392m ($414m) for 2014. The result falls just short of LHT’s record profit of €404m ($427.6m) which it achieved in 2013.
Overall, the Lufthansa group confirmed operating profits of €954m ($1bn) for the year, but net profits of just €55m ($58.5m). The net profit figure represents a decline of 82.4 per cent year on year.
Lufthansa attributed the slide in profits to several factors, including a reduction in the market value of exchangeable notes in the sale of its shares in US carrier JetBlue and the “burden” of selling Lufthansa Systems’ infrastructure arm to IBM.