Net profit, also supported by record results in freight and maintenance, came to 791 million euros last year, compared with a loss of 2.19 billion euros a year earlier.

A key indicator, adjusted operating income, reached 1.51 billion euros, pending a "significant improvement" in 2023.

Total sales have almost doubled over one year, to 32.8 billion euros.

"Lufthansa is back", with an "unprecedented financial recovery" made in one year, welcomed Carsten Spohr, CEO of the company, whose mandate was extended Thursday by 5 years to leave him in charge until in 2028.

Competitors Air France-KLM and IAG, the British parent company of British Airways and Iberia, have also returned to the green after the repercussions of the Covid.

The German state, which took a 20% stake in the capital of Lufthansa in 2020 during a rescue plan of 9 billion euros in the face of the health crisis, sold all its shares in September.

Ticket prices

Last year's performance was achieved despite "charge inflation", the statement said, with the cost of kerosene rising since the outbreak of war in Ukraine.

The rebound has not been without a hitch: Global bottlenecks in the airline industry last summer led to the cancellation of thousands of flights.

Many travelers have also complained to Lufthansa about delays or lost suitcases.

If the group shows a comfortable profit, it owes it to the record operational performance of its subsidiaries Lufthansa Cargo (1.6 billion euros) in freight and Lufthansa Technik (511 million euros) in aircraft maintenance.

The passenger activity of the leading European airline group - which includes Austrian, Swiss, Eurowings and Brussels Airlines alongside Lufthansa - generated an adjusted operating loss of 300 million euros, weighed down by the start of 2022.

In all, 102 million passengers took all the companies last year, more than double of 2021, but still well below the record of 145 million passengers dating from before the Covid, in 2019. A figure that the group expects to reach again "around the middle of the decade" according to Mr. Spohr.

Revenue from the passenger branch more than doubled to 22.8 billion euros.

Revenue per seat jumped 148%, driven by rising ticket prices that will continue this year, according to the group's boss.

Strong demand

The year 2023 has got off to a good start, according to the demand for travel which at the start of the year exceeds that of the pre-crisis period for a comparable period, indicated Mr. Spohr.

Business travel was at 70% of its pre-crisis low last year and an improvement is expected thanks to the return of customers from China and Japan.

The company wants to offer up to 90% of its seat capacity this year, compared to before the crisis and after 72% last year.

Lufthansa is still targeting an adjusted operating margin of at least 8% in 2024, after 4.6% last year and better expected this year.

Investments will remain high, Lufthansa having announced on Thursday the purchase of 22 new long-haul aircraft, which will emit less CO2.

The company had 109,500 employees at the end of 2022 and wants to increase this number to 115,000 this year.

12,000 people will be recruited, including 3,000 cabin crew, while 6,500 will retire.

The company with the logo drawing a crane also wants to expand its scope.

In January, Lufthansa submitted an offer to acquire a minority stake in the Italian public company ITA Airways, reserving the option of raising the capital thereafter.

Negotiations with Italy's economy and finance ministry "are very constructive," Spohr said, without giving further details on the timing or the amounts involved.

Italy is one of the group's key markets and "ITA has priority in terms of consolidation in the European market", he added.

The group is also interested in the Portuguese company TAP, he said.

On the stock market, Lufthansa's share price took off in Frankfurt by more than 5% at mid-session, Deutsche Bank hailing "robust results".

© 2023 AFP