General Industry

Lufthansa Has Cut Its Losses To €1m Every Two Hours, Says CEO

By Dave Simpson
Lufthansa Has Cut Its Losses To €1m Every Two Hours, Says CEO

Lufthansa is losing €1 million every two hours, which is "a significant improvement" over the low point of the COVID-19 crisis, the German airline group's chief executive has said.

Lufthansa, which was racking up losses at twice that rate at one point last year, has cut costs and pared back flights to those generating positive cash thanks to buoyant cargo rates, CEO Carsten Spohr said in a webcast interview hosted by Eurocontrol.

Last year, the group received a €9 billion bailout in which the German government took a 20% stake.

So far, Lufthansa has used approximately €3 billion of its cash injection, Spohr said, and may end up not needing the full amount.

2021 Capacity Expectation

The airline is still hoping for a strong travel recovery from the northern summer onwards, Spohr added, and expects to run at 40% to 60% of pre-crisis capacity for the year as a whole.

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