Lufthansa CEO Says No End In Sight To Burning Through Cash
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.
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.