In the 2011 financial year Lufthansa Cargo generated an operating profit of EUR 249m. This is the second-best result in the company’s history, but as expected it is below the previous year’s record figure of EUR 310m.
The segment result was EUR 243m (previous year: EUR 330m). It was depressed by a loss of EUR 22m from the subsidiaries accounted for using the equity method. This in turn stemmed mainly from current losses and the realisation of accrued losses from prior years at the joint venture Jade Cargo International Ltd. The charge was largely made good by other segment income of EUR 17m, mostly from write-backs of provisions. Other segment expenses remained negligible at EUR 1m.