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Lufthansa Group posts $2.3B loss in Q3

Germany’s leading airline Lufthansa recorded a net loss of €2 billion ($2.3 billion) in the third quarter of the current year amid the coronavirus pandemic.

The figure was down from net income of €1.2 billion ($1.42 billion) in the same quarter of 2019, Lufthansa said in a statement.

Sales of Lufthansa fell to €2.7 billion ($3.2 billion) in the July-September period, down from €10.1 billion ($12 billion) in the same period last year.

The company cut its operating expenses by 43% year-on-year, led by lower fuel costs, fees and a reduction in other costs related to flight operations.

Lufthansa will offer a maximum of 25% of last year’s capacity from October to December as demand for air travel is expected to remain low.

It expected to limit the average monthly operating cash drain at around $350 million ($413 million) in the fourth quarter of this year.

Source:https://www.tourexpi.com/en-de/news/lufthansa-group-posts-23b-loss-in-q3-167071.html