Lufthansa Group said that based on preliminary figures it ended 2010 with a net profit of EUR1.1 billion (US$1.53 billion), significantly improved from a restated net loss of EUR34 million in 2009. All of the earnings occurred during the second half of 2010, as LH Group had a loss through the first six months of the year of EUR104 million.
The company noted that 2010 results reflect "a positive non-recurring tax effect of around EUR400 million". Prior-year results were adjusted to incorporate accounting changes under IAS 39, it said.
Full-year operating profit totaled EUR876 million, dramatically bettering a 2009 operating profit of EUR130 million despite what the company called "adverse one-off factors". Group revenue totaled EUR27.3 billion, up 22.4% year over year.
Based on the Group's nine-month results through September 30, ATW calculated that fourth-quarter earnings were approximately EUR576 million with an operating profit of EUR264 million.
LH said the board is proposing a dividend payment of EUR0.60 per share for the financial year. The full annual report will be released on March 17.
The company noted that 2010 results reflect "a positive non-recurring tax effect of around EUR400 million". Prior-year results were adjusted to incorporate accounting changes under IAS 39, it said.
Full-year operating profit totaled EUR876 million, dramatically bettering a 2009 operating profit of EUR130 million despite what the company called "adverse one-off factors". Group revenue totaled EUR27.3 billion, up 22.4% year over year.
Based on the Group's nine-month results through September 30, ATW calculated that fourth-quarter earnings were approximately EUR576 million with an operating profit of EUR264 million.
LH said the board is proposing a dividend payment of EUR0.60 per share for the financial year. The full annual report will be released on March 17.
