BERLIN (Reuters) – Germany’s Lufthansa (DE:) said it does not expect air travel demand to return to pre-crisis levels before 2024 and posted a second-quarter loss of 1.5 billion euros ($1.78 billion) as cost cuts failed to offset a steep decline in revenue.
The airline said on Thursday the collapse in demand for air travel due to the COVID-19 pandemic led to an 80% drop in revenue to 1.9 billion euros compared to 9.6 billion euros a year earlier. It posted a net loss of 1.5 billion euros.
“We are experiencing a caesura in global air traffic. We do not expect demand to return to pre-crisis levels before 2024,” Chief Executive Carsten Spohr said.
“We will not be spared a far-reaching restructuring of our business.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment