ROME (Reuters) – ITA Airways reported a net loss of just 5 million euros ($5.4 million) in 2023, a significant improvement on last year, while revenue was 2.4 billion euros on higher numbers flights it operates, the company said on Wednesday. .
Germany’s Lufthansa is seeking to buy a stake in state-owned ITA, which formally replaced loss-making Alitalia in 2021, but talks are facing hurdles as European regulators warn it could harm competition and push up prices.
The company, which posted adjusted core earnings (EBITDA) of €70 million in 2023, reported a net loss of around €486 million in 2022 due to the ongoing impact of the pandemic and rising fuel prices. ITA’s 2022 revenues were $1.5 billion.
“These extremely positive results are the result of significant efforts by ITA Airways employees,” Chairman Antonino Turicchi said at a press conference.
ITA carried 14.8 million passengers in 2023, up 46.9% from 2022, achieving a load factor of 79% on its aircraft, company slides show. It ended last year with liquidity of around 450 million euros.
Lufthansa plans to buy a 41% stake in ITA from the Italian Treasury for 325 million euros. Following the EU’s antitrust warning this week, both sides said they would offer remedies to settle the deal. ($1 = 0.9231 euro)