ADVERTISEMENT

ECONOMY

German flag-carrier Lufthansa Group announces net loss of $785.9M in Q1

ISTANBUL

Germany’s flag-carrier airline Lufthansa Group announced on Tuesday a net loss of €734 million ($785.9 million) in the first quarter of this year.

Despite the 5% annual rise in its revenue from €7 billion ($7.4 billion) to €7.4 billion ($7.9 billion), the group added that the Adjusted EBIT, “the operating loss,” was at €849 million ($908.6 million).

Given the employee strikes for the higher-than-expected negative impact on earnings, “we cannot be satisfied with the operating result for the first quarter,” said Remco Steenbergen, chief financial officer of the firm, as the group spent €350 million ($374.6 million) in the first quarter of the year due to accepting higher wages from employees and cancelations caused by strikes.

The news release also noted that the airline hosted 24 million passengers in the same period.

It added that the full-year Adjusted EBIT is expected to reach around €2.2 billion ($2.3 billion).

  • We use cookies on our website to give you a better experience, improve performance, and for analytics. For more information, please see our Cookie Policy By clicking “Accept” you agree to our use of cookies.

    Read More