A sharp drop in passenger numbers pushed Germany’s Lufthansa to a quarterly adjusted operating loss of $2 billion, the worst performance in its 65-year history
Tentative signs of a European recovery have been undermined by new localised outbreaks and restrictions, while long-haul flights such as to the United States - which are important for Lufthansa - remain largely grounded due to rising infections.
The airline, which has already announced plans to cut 20% of its leadership positions and 1,000 administrative jobs, said it had run out of patience in talks with unions. That was 300 million euros lower than the average analyst forecast in a company-compiled consensus, boosted by a strong performance in its cargo business which gained from a shrinkage in global air freight capacity.
Lufthansa plans to cut capital expenditure to 1.3 billion euros this year and next, below the levels of Air France-KLM and IAG.
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