Morning NewsLufthansa Restores Dividend After Profit More Than Doubles
Deutsche Lufthansa is planning its first dividend payout since the pandemic after profit more than doubled last year despite lower-than-expected earnings in the fourth quarter, and said it expects air-travel demand will continue to grow as passengers rush to book tickets for the Easter and summer vacations. The German carrier group on Thursday posted a net profit of 1.67 billion euros ($1.82 billion) for 2023 compared with EUR791 million the year earlier. Lufthansa said it would propose a dividend of EUR0.30 a share at its annual general meeting on May 7, in line with its long-standing policy of distributing between 20% and 40% of profit, adjusted for non-recurring gains and losses. “We want to pay our shareholders a dividend for the first time since 2019,” said Chief Executive Carsten Spohr. Lufthansa last paid a dividend of EUR0.80 per share over its 2018 profit. The decision comes after demand for leisure travel, particularly during the summer, continued to rise even in premium cabins, pushing annual revenue up 15% to EUR35.42 billion.