ITA Airways reports net loss of 486 million euros in 2022

ITA Airways on Tuesday reports a 2022 loss of around 486 million euros ($526.97 million) due to lingering effects of the pandemic and rising fuel costs, despite strong revenues of 1.58 billion euros.

The Italian state-owned carrier, which officially replaced money-losing Alitalia in 2021, said in a statement the results were “consistent with the company’s ‘start-up’ phase” in a market that remained weak in the first few months of the year due to the pandemic.

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Higher fuel costs due to the Ukraine conflict and a negative forex dynamic also weighed on last year’s performance, it added.

Germany’s Lufthansa is negotiating with the Italian government to acquire 40% of the airline, potentially followed by the remaining stake later.

ITA forecast significant revenue growth and improvement in operating results this year, as its expanding fleet flies to more destinations.