Lufthansa posts net loss €2.12B, up 521% YoY

Wednesday, 03. June 2020 07:31

Deutsche Lufthansa AG reported on Wednesday its total revenue in the first fiscal quarter of 2020 amounted to €6.44 billion, down 18% versus last year. Operating expenses decreased 6% to €8.16 billion during the same period. Net loss surged 521% on an annual basis to stand at €2.12 billion or €4.44 per share.

Number of flights conducted by Germany's largest airline dropped 21% compared to the Q1 2019 to 207,207. Passengers figures fell 26% at the same time to 21.75 million.

"Global air traffic has come to a virtual standstill in recent months. This has impacted our quarterly results to an unprecedented extent. In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this," Lufthansa's chairman Carsten Spohr said in the press release.

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Breaking the News / MD