Lufthansa Group liquidity drops €1.45bn

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

The Lufthansa Group reported a €1.45 billion drop in its liquidity position for the first nine months of the year.

At 30 September, the Group had €4.46 billion total liquidity compared with €5.91 billion for the first nine months of 2010.

The Group generated an operating profit of €578 million for the reporting period, down €34 million in comparison with last year. Net profit for the period amounted to €288 million, down from €524 million for the first nine months of 2010.

Cash flow from operating activities reached €2.2 billion during the nine-months' period, compared with €2.4 billion a year ago. Free cash flow totalled €940 million.

At the end of the first nine months of 2011, the Group had net debt of €1.62 billion, which was the level at year-end 2010.

Group's capital expenditure was €2 billion for the first nine months, of which €1.7 billion went on expanding and modernising the fleet. The Group says it has 202 new aircraft in its orderbook.