Germany's Lufthansa said it does not expect air travel demand to return to pre-crisis levels before 2024 as a steep drop in revenue pushed it to its worst-ever quarterly operating loss of 1.7 billion euros ($2.02 billion).
FILE PHOTO: Airplanes of German carrier Lufthansa are parked at the Berlin Schoenefeld airport, amid the spread of the coronavirus disease in Schoenefeld, Germany, May 26, 2020. REUTERS/Fabrizio Bensch
The airline said on Thursday the collapse in demand for air travel due to the COVID-19 pandemic meant it carried 96% fewer passengers between April and June than a year earlier, leading to an 80% drop in second-quarter revenue to 1.9 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, adding the company would not be spared a “far-reaching restructuring” of its business.
The company, which had 129,400 employees as of the end of June, said forced redundancies can no longer be ruled out in Germany due to the development of the market and the course of negotiations with unions.
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