Story ID: 
LHT Recovers from Covid, Posts Profit
By: James Wynbrandt
Caption: Lufthansa Technik's revenues bounced back in 2021 from a Covid-induced slump.
Word Count: 240
After a pandemic-plagued 2020, Lufthansa Technik (LHT) returned to profitability in 2021 with revenue rising 7 percent to more than €4 billion, said CEO and board chairman Dr. Johannes Bussmann on Thursday, during the company’s annual year-in-review briefing. He added that the full-service MRO still expects to be back to pre-COVID business levels by 2023, but he cautioned that the current "geopolitical situation” and the Russian war against Ukraine cloud recovery timeline predictions.

Bussmann credited his company's turnaround to comprehensive corporate restructuring, a “clear customer focus,” and new product development, as well as an upturn in MRO demand last year due to the recovery of commercial service globally. Government pandemic economic aid also bolstered revenue.

Restructuring activity included LHT's Rise program, launched in 2020, which reduced the former eight business units to five and resulted in the closing of several facilities. Among product development highlights were strong growth for Aviatar, the company's in-house digital customer service platform, whose new customers last year included United Airlines, Etihad Airways, and TAP Air Portugal; and Virtual Table Inspection for online inspection of engine parts, which began regular operation in 2021.

In answer to media questions, Bussmann said no Russian-operated aircraft are in its facilities, though engines from Russian lessor-owned aircraft are. He said those power plants would be returned to their owners and affirmed that LHT would abide by current sanctions and not provide parts or services to its Russian customers.