Lufthansa Cargo maintains profitability in 2003

Lufthansa Cargo maintains profitability in 2003

   Lufthansa Cargo said it posted pre-tax profits of 15.8 million euros ($19.4 million) in 2003 despite depressed demand for air freight service.

   The company blamed weak economic conditions, especially in Germany, as well as the Iraq war, the SARS epidemic and fears of terrorism for an 8 percent decline in revenue from 2002 to 2.16 billion euros.

   Lufthansa said cost cutting, reduced capital expenditures and flexible pricing enabled it to still make a profit under difficult circumstances.

   Volume was down in most parts of the world, but ticked up 0.4 percent in the Asia/Pacific region, the carrier said.