Brussels Airlines on track to become profitable, says Lufthansa
Parent group Lufthansa announced that Brussels Airlines made an operating loss of €75 million last year, a significant improvement compared to its 189 million euros loss in 2021. "Brussels Airlines completed the Reboot Plus restructuring programme," Lufthansa's report reads. "The cost savings achieved have prepared the airline for future growth and further strengthened its market position."
In the third quarter, Brussels Airlines posted record profits - the summer season is traditionally the best period for airlines. But that was insufficient to get out of the red over the whole year due to the impact of COVID-19. Brussels Airlines flew at 74 per cent of capacity compared to 2019 and carried more than 6.8 million passengers last year. Its turnover more than doubled, to €1.2 billion.
"Despite these obstacles, I can proudly say that Brussels Airlines is ahead of the business plan, both in terms of the growth of our fleet, the recruitment of new employees and the repayment of the state loan to the Belgian government," financial director Nina Öwerdieck said in a press release.
This year, Brussels Airlines aims to break even at the level of adjusted operating profit. "In 2023, high fuel prices and the impact of indexation will affect the final result," the airline states. "However, Brussels Airlines is confident that it can become sustainably profitable in the coming years." The airline has already repaid the Belgian state aid of 290 million euros it had received to survive the COVID-19 crisis.
© BELGA PHOTO JAMES ARTHUR GEKIERE