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Lufthansa posted losses of 1 billion in the first quarter

The main European airline, the German Lufthansa, which recorded a loss of 1 billion euros in the first quarter of 2021, said this Thursday (04.29.2021) that its air traffic offer in the boreal summer 2021 will be 40% of the pre-COVID-19 pandemic level. It is a less optimistic evaluation than a previous one that bet on traffic of up to 50% of the level before the pandemic.

This key indicator, which represents the number of places offered for reservation, adjusted by the company based on expected demand, had reached 31% in 2020. For the period from January to March, Lufthansa’s turnover, saved from bankruptcy by the German state, it fell by 60% to 2,600 million euros compared to the first quarter of 2020. In January and February 2020, activity had been almost normal.

“Thanks to significant savings” the group limited its net loss in the first quarter to 1 billion euros (1.2 billion dollars), compared to the loss of 2.1 billion in early 2020, said Lufthansa president Carsten Spohr. In 2020, the net loss was 6.7 billion euros, a record. The company has achieved cost savings through reductions in staff and working hours and reduction of flights. In addition, the Lufthansa Cargo freight division returned to profitability with a record profit of 314 million.

Lufthansa in turbulence

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FOLLOWING

However, “restrictions persist in almost all regions of the world,” the company said in a statement. The recovery in demand in the second quarter will be “gradual.” In the first quarter, Lufthansa offered only 21% of the 2019 level and carried three million passengers, which is equivalent to 10% of the pre-pandemic level. (afp / dpa)

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