Belgium’s German-owned flag carrier Brussels Airlines has posted record results. Turnover climbed back to pre-pandemic levels and operating profits reached 53 million euros. The airline speaks of a "turning point" and "an important step towards sustainable profitability".
In 2022, Brussels Airlines still had to post an operating loss of €75 million. But the company, part of the Lufthansa group, says 19 per cent more flights, an expanded network, high demand and higher margins brought improvement in 2023. Operational profits totalled 53 million euros, up 127 million euros.
Turnover at 1.6 billion euros was up 24 per cent. The airline carried 8.29 million passengers, 21 per cent more than in 2022.
Finance director Nina Öwerdieck says she is "proud" of the results. "This proves that our hard work is paying off, and I would like to thank all colleagues at Brussels Airlines for contributing to these record results. But we still have a way to go before we reach the 8 per cent profit margin target, and before we can truly speak of a sustainably profitable business. We remain focused on that target and want to take further steps to achieve it in 2024."
Industrial conflict drags on
Only last week, cabin crews at Brussels Airlines went on strike for three days, causing dozens of flights to be cancelled. Stewards and flight attendants have long been dissatisfied with pay and work pressure. An agreement between management and unions has still not materialised. Moreover, wage negotiations with the pilots have not yet yielded any results.
In its press release on the results, the company says it wants to "create a good working environment for all employees" and "a constructive dialogue with the social partners". The airline says it remains determined to reach agreements with representatives of the various departments and thus secure the future of the company.