Lufthansa Cargo carried 10.5 percent less freight in July than a year ago as it continued to slash capacity to stay profitable in a weak global air cargo market.
The decline, to 144,000 metric tons, followed a 9.2 percent drop in first half traffic to 864,000 tons that was driven by sharply lower shipments on its core Americas and Asia-Pacific routes.
The German carrier cut capacity 7.3 percent in July compared to a year ago, but revenue slumped 10.7 percent, clipping the load factor by 2.7 percentage points to 70.7 percent.
The Lufthansa group, which also includes SwissWorldCargo, saw cargo traffic shrink 8.8 percent in July to 165,000 tons, for a seven-month total of 1.15 million tons, down 7.9 percent from the same period in 2011.
Americas traffic slumped 11.5 percent in July to 50,000 tons, although capacity was trimmed only 0.9 percent, while Asia-Pacific shipments fell a steeper 12.5 percent to 46,000 tons on 8 percent less capacity.
Lufthansa is being outperformed by its main European rivals, with Air France-KLM’s cargo traffic declining 5.5 percent in July, while IAG, the merged British Airways-Iberia carrier, was down just 1 percent.
The German carrier is, however, one of the most profitable cargo operators, booking first half earnings of $58 million and forecasting full year profit in the three figure million euros range.
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