LUFTHANSA CARGO 1ST QUARTER BETTER THAN EXPECTED
Lufthansa Cargo AG said its first quarter operating result rose euro 11.3 million ($10.3 million) to euro 19.2 million ($17.5 million). Pretax results were euro 2.8 million ($2.6 million), up euro 15.7 million ($14.3 million) from the comparable period in 2001.
With demand still weak, first-quarter revenue fell 8 percent to euro 555.5 million ($507.0 million). Capacity cutback improved utilization by 2.7 percentage points, while Lufthansa Cargo scaled back traffic services by 10.5 percent.
'Our capital adjustment and cost-reducing measures have been highly successful,' aid Heinz-Ludger Heuberg, a member of Frankfurt-based Lufthansa Cargo's board. 'They helped safeguard our results in the final months of last year and leave us very strongly points for the year 2002.'