Subscribe Login
General Industry

Lufthansa CEO Says No End In Sight To Burning Through Cash

By Dave Simpson

Deutsche Lufthansa is burning cash at a rate of €500 million per month and is far from breaking even, the German airline's chief executive has said.

Speaking at an event run by the BDI association of German industrial companies in Berlin, Carsten Spohr said that the airlines group, which has been hit by Europe's worsening coronavirus situation, is hoping to stop the outflow of cash once it reaches a utilisation rate of approximately 50% for seat capacity.

"That is absolutely not foreseeable. We are happy if we can reach 20% during winter," he added.

Get a FREE Digital Subscription!

Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy

Lufthansa, which in June received a €9 billion government bailout, last month announced further cuts to its fleet and workforce along with a €1.1 billion impairment on idled aircraft.

Certain The Group Will Weather The Crisis

Spohr added that he is certain that the group will weather the crisis.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription
Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription