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Transport: Lufthansa reports net loss of 2.1 bn euros in Q1
Company considering "far-reaching" restructuring measures
03 June, 13:58
(ANSA-AFP) - FRANKFURT AM MAIN, JUNE 3 - German airline
giant Lufthansa said Wednesday it will undergo "far-reaching"
restructuring as it posted a first-quarter net loss of 2.1
billion euros ($2.3 billion) on Wednesday, hammered by the
coronavirus pandemic. "Global air traffic has come to a virtual
standstill in recent months. This has impacted our quarterly
results to an unprecedented extent. "In view of the very slow
recovery in demand, we must now take far-reaching restructuring
measures to counteract this," chief executive Carsten Spohr said
in a statement. On top of the collapse in passenger numbers,
depreciation of some company assets sapped the bottom line.
Falling fuel prices meanwhile cost the airline 950 million euros because it had hedged its purchases with much higher priced contracts. (ANSA-AFP). (ANSA).
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Falling fuel prices meanwhile cost the airline 950 million euros because it had hedged its purchases with much higher priced contracts. (ANSA-AFP). (ANSA).
