Lufthansa to Release Annual Report
German airline—Deutsche Lufthansa—publishes 2021’s annual financial data report today. The second-largest airline company in Europe expects to see better annual revenues than 2020.
The pandemic has had a significant impact on the global travel industry., causing the total travel industry’s revenue to decline by 41% between 2019 and 2020, from $685.07 billion to $396.4 billion. The airline industry alone fell by 69%, losing 126.4 billion in 2020, according to data from the International Air Transport Association.
The famous German commercial airline—Lufthansa—reported consistent revenue data from 2017 to 2020. Lufthansa’s annual revenues during the three years before the pandemic were roughly similar, falling between $35.5 and $36.4 billion. However, the company’s annual revenue fell by 63% in 2020, falling from the three-year aforementioned corresponding annual revenue to only $13.5 billion.
Given the spread of vaccination and efforts to reinstate the flow of travelers across the world in 2021, expect Lufthansa’s 2021 annual revenue to increase slightly. Lufthansa should notice exponential growth in annual revenues in the next three years due to the world’s steady recovery from the pandemic. The Russo-Ukrainian war could halt Lufthansa’s anticipated annual financial growth if Germany is to interfere with Russia’s plans for Ukraine.
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