On 7 March, the Lufthansa Group and its airlines, including Brussels Airlines, disclosed their financial results for 2023. Except for the Lufthansa Airline, all other carriers in the group achieved record results last year, finally reaching and surpassing pre-Covid numbers.
Brussels Airlines reached a €1.6 billion turnover last year, with an operating (gross) profit of €53 million, finally turning to positive results after posting a gross loss of €74 million in 2022. According to Lufthansa Group’s balance sheet for 2023, the Belgian carrier achieved a net profit of €38 million. However, the airline’s margin remained at 3.4%, which is “some way to go before reaching our 8% target margin and can truly speak of sustainable profitability”, according to Brussels Airlines CFO Nina Öwerdieck.
“Last year’s turnover has been driven by 19% more flights, an expanded network offer, increased demand, and higher yields”, the airline said in a statement. In 2023, Brussels Airlines welcomed 8.29 million passengers on board its flights, which is a rise of 21% compared to 2022 but still below pre-covid levels.
What we present today is a record result for our company.
Dorothea von Boxberg, Brussels Airlines CEO
The airline also announced it plans on hiring 250 more employees this year, on top of the 3,394 team it already had last year. However, at the same time the carrier promises to create a “healthy and fair work environment” for its employees, it has failed to reach an agreement with pilots and cabin crew unions, with several strikes taking place over the past few months.
Since the beginning of the year, employee walkouts have cost Brussels Airlines €4 million, according to Belga News Agency. While far below the €100 million strikes have cost Lufthansa this year, with no apparent compromise in sight, the actions could continue. The airline has proposed a 6% salary increase as a final offer. “Even if there are more strikes, we will not go further than this. We are at the limit of what we can offer”, said Brussels Airlines CEO Dorothea von Boxberg. But the unions have been reportedly asking for as much as 18% raises.
