BERLIN, Oct 20 — German airline Lufthansa today reported a loss of €1.26 billion (RM6.2 billion) in the third quarter of 2020 as it struggles to bounce back from crippling coronavirus lockdowns. The sobering figure is a slight improvement on quarter two’s loss of €1.5 billion “due to an...
Like all of the world’s airlines, the Lufthansa group — which also includes Swiss, Brussels and Austrian Airlines — has been brought to its knees by restrictions introduced to curb the spread of the coronavirus. — AFP pic
The sobering figure is a slight improvement on quarter two’s loss of €1.5 billion “due to an expansion of the flight schedule in the summer months of July and August and considerable cost reductions”, the airline said in a statement. The group therefore plans to operate at just 25 per cent capacity in the fourth quarter compared with the same period last year.
Around 700 of the group’s 763 aircraft were grounded at the peak of the lockdowns and it was forced to put 87,000 workers on government-backed shorter hours schemes.Thanks to the rescue deal, it had liquidity of €10.1 billion at its disposal at the end of September and “is also in a position to withstand further burdens from the corona pandemic”, the group said.
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