After a year bedevilled by uncertainty, Lufthansa Technik is resetting its expectations – and there are green shoots. Ian Harbison discovers more from CEO Johannes Bussmann
The drop in air traffic in 2020 has resulted in a massive reduction in MRO (maintenance, repair, and overhaul) requirements for aircraft, engines and components.
Like many businesses, industry behemoth Lufthansa Technik has felt the impact keenly. It has seen its revenue fall by 43% year-on-year to €3.747m (2019: €6.572m). Johannes Bussmann, the company’s CEO said the revenue was equal to that in 2008, wiping out the progress made since then. Adjusted EBIT (earnings before interest and taxes) dropped well into the red to €-383m, compared to €463 million for 2019.