Deutsche Lufthansa reported that it suffered a loss of 1.97 billion euros in the third quarter of 2020 against a net profit of 1.15 billion euros a year earlier.
The carrier’s revenue fell by 74% to 2.66 billion euros from 10.11 billion euros a year earlier. Adjusted loss before tax and interest payments (EBIT) was € 1.26 billion against an adjusted EBIT profit of € 1.3 billion a year earlier.
Adjusted cash outflows amounted to € 2.07 billion compared to an inflow of € 416 million in the third quarter of 2019.
Lufthansa head Carsten Spor called the coming winter difficult for the entire industry. According to him, the company intends to use the inevitable restructuring to further expand its relative competitive advantages.
The company expects that the restructuring will entail one-time non-cash costs in the fourth quarter, which will affect the adjusted EBIT.
According to Lufthansa, the monthly cash outflow in the last three months of the year will be about 350 million euros. At the same time, the company still plans to return to generating positive cash flow in 2021.
Lufthansa shares fell 3% during trading on Thursday. The airline’s capitalization has fallen by almost 53% since the beginning of this year and now stands at about 4.8 billion euros.
By the end of this year, the German airline Lufthansa intends to reduce its foreign staff by 20 thousand people, as well as sell its LSG division, which deals with on-board catering, which employs 7.5 thousand people. Lufthansa subsidiaries Eurowings, Swiss, Austrian and Brussels Airlines are reducing the frequency of flights, fleets and staff amid […]
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