FRANKFURT, March 6 (Xinhua) -- Lufthansa Group reported an 18 percent drop in net profit for 2024, despite a moderate increase in revenue, as its core passenger airline business struggled.

The aviation giant's net profit fell to 1.38 billion euros, down from 1.67 billion euros in 2023, while total revenue rose by six percent to 37.58 billion euros, according to its annual report for the financial year 2024 released on Thursday.

The sharpest decline came in Lufthansa's passenger airline segment, where adjusted earnings before interest and taxes (EBIT) plummeted by 49 percent to 1.05 billion euros. The company attributed this downturn to weak economic conditions and high operational costs in Germany.

Meanwhile, Lufthansa's logistics division performed strongly, with revenue climbing 10 percent to 3.26 billion euros.

In a statement, the company said the "significantly lower" group EBIT was "almost exclusively" due to the poor performance of Lufthansa Airlines. While it did not disclose specifics, Lufthansa noted it had launched a new efficiency program in 2024 to address financial challenges.

Amid ongoing pressures, Lufthansa's stock value slumped 23 percent last year. Enditem

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