LuxairGroup has declared 2017, “a good year”, announcing net results of €9.5 million, up from €4.4 million in 2016. The same positive progression was seen in operating results, which increased from €1.1 million on 2016 to €2 million in 2017.
According to Adrien Ney, Luxair CEO, the encouraging results were due to, “a positive environment, thanks most notably to lower fuel prices and the absence of geopolitical events,” it was reported by Paperjam on 15 May 2018.
Paul Helminger, chair of the Luxair board of directors council, stated, “Year-on-year we are reducing the deficit with the aim of reaching a balance, but it is complicated,” referring specifically to competition from the former shareholder Lufthansa on the Luxembourg-Munich route.
“Since we changed shareholders in 2015 we have been losing money on this route which used to be profitable for us,” Helminger added.
Competition from low-cost airlines is also a challenge, although the number of passengers transported in 2017 by the national airline continues to grow. Out of the 3.6 million passengers that flew out of Findel last year, 1.9 million travelled with Luxair.
Looking ahead to 2018 LuxairGroup remains, “positive, yet realistic”.