Lufthansa suffered a quarterly loss of almost 2 billion euros

News

Lufthansa suffered a quarterly loss of almost 2 billion euros

09.11.2020 News

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.

Other articles

  • Lufthansa has announced large-scale job-cuts
    News

    Lufthansa has announced large-scale job-cuts

    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 […]

  • Boeing shares rose by 6.7% after 737 MAX flight permission
    News

    Boeing shares rose by 6.7% after 737 MAX flight permission

    Before starting flights, Boeing will need to comply with a number of regulatory requirements – retrain pilots and update aircraft software. Boeing shares in the premarket rose by 6.73% to $ 234.16 per share, according to previous trading data. The head of the US Federal Aviation Administration (FAA), Steve Dickson, has signed an order allowing […]

  • Airbus will lay off 15,000 employees due to the quarantine
    News

    Airbus will lay off 15,000 employees due to the quarantine

    European airline Airbus will lay off 15,000 employees worldwide due to the restoration of the quarantine restrictions on the flights. This was stated by the Airbus Chief Operating Officer Michael Schollhorn. Prospects for the aviation industry deteriorated again due to the growing number of the coronavirus infections, he said. According to Schollhorn, the situation in […]

  • Hundreds of thousands of airline workers could lose their jobs
    News

    Hundreds of thousands of airline workers could lose their jobs

    Hundreds of thousands of workers could lose their jobs in the aviation sector if states do not provide the additional assistance. “In the absence of additional government measures to provide assistance and open borders, hundreds of thousands of airline jobs will disappear, ” – said the executive director of the International Air Transport Association (IATA) […]

  • German Lufthansa has accepted a new restructuring package
    News

    German Lufthansa has accepted a new restructuring package

    German airline Deutsche Lufthansa AG on Monday took the third package of measures restructuring of business because of poor dynamic aviation market recovery, according to a press release. “Forecasts for international flights have deteriorated significantly in recent weeks. With the end of the summer holiday season, the number of passengers and bookings is declining again […]

  • Wizz Air has canceled about 20 routes from Ukraine till March 2021
    News

    Wizz Air has canceled about 20 routes from Ukraine till March 2021

    Hungarian airline Wizz Air reduces the number of flights from Ukraine in the winter flight schedule. This was reported by lowcostavia. Dozens of flights from Ukraine were reduced – 12 routes are canceled by March 2021, even more destinations are temporarily suspended until the end of October. Flights from all cities of Ukraine have changed. […]

  • Boeing is facing an investigation of FAA production problems 787 Dreamliner
    News

    Boeing is facing an investigation of FAA production problems 787 Dreamliner

    Stocks Boeing, which fell by 47.5% since the beginning of the year fell by 1.6% before the opening of trading on Tuesday amid news of a new FAA investigation. The US airline is going through the most difficult period in its history, continuing to expect recertification of the most profitable passenger`s aircraft Boeing 737 Max, […]

Read also

Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Danone launched a new production

“Danone Ukraine” Company has launched a new production facility for the manufacture of milk food for babies of TM “Tema” at the state milk plant in Kremenchug. This was said to AgroPortal.ua by the press-service of the company. Investments amounted to 200 million UAH and the production capacity estimates at 700 tons per month, or […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Boeing reports quarterly losses of $ 2.4 billion and cuts production again

On Wednesday, Boeing announced the financial results of the 2nd quarter, which ended on June 30. Boeing Management noted that the company makes “tough, but necessary steps to adapt for a new realities of market.” Aviation giant is experiencing perhaps the most difficult times in its history, faced with a double crisis. On the one […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Japan’s Honda will invest a considerable sum of money in its production in Canada

The Government of Canada and, directly, the municipality of the largest city Toronto will help to improve automotive industry Honda. This information is provided by investment portal InVenture Ukraine. It is known that the forward Japanese manufacturer of motorcycles and automobiles will invest in their businesses in the central Canadian provinces – Ontario (Mr. Elliston) […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

The SEC has begun testing the Chinese video service iQiyi

The US Securities and Exchange Commission (SEC) began to test the Chinese video streaming service under the iQiyi subscription, similar to Netflix. The inspection was reported by the Chinese company. In this statement, the ADR companies which trading on the Nasdaq, fell by 13% in price. The paper of Baidu, the main shareholder of iQiyi, […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

The most expensive lot of seized property was sold in Ukraine

The state enterprise SETAM sold the most expensive lot of seized property on the electronic platform OpenMarket – the building of the hotel of the Military-St. Nicholas Monastery in Kyiv. The SETAM press service reported this. It is noted that the final price of the lot is 307.3 million hryvnias, which is 65 million hryvnias […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Facebook has extended the remote mode of work of employees until June 2021

US Employees of Facebook were allowed to work in a remote location by June next year. Most Facebook personnel were switched to remote mode in late March, and in April, CEO Mark Zuckerberg said that it is the last among of those to resume working in the office at the end of a pandemic of […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

US pharmaceutical giant Pfizer will open a new hub in Greece

American Pfizer is one of the world’s largest pharmaceutical companies. Greek government spokesman Stelios Petsas stated it’s expanding its presence in Greece, creating 600 workplaces. Pfizer’s chairman is Greek Albert Burla. In recent months, the company has been developing a vaccine against coronavirus. A company hub opens in Thessaloniki. “Greece is attracting big investment and […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

The world’s first country legalized bitcoin as a means of payment

El Salvador was the first in the world to legalize bitcoin as an official means of payment. Such a law was passed by the country’s parliament. 62 parliamentarians supported the bill, 19 voted against, and three abstained. President Nayib Bukele intends to sign the law soon, after which it will take effect “immediately”. Thus, accepting […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

The Cabinet of Ministers has limited the salaries of members of Naftogaz’s supervisory board

The Cabinet of Ministers has set the maximum allowable amount of the basic annual fee for the services of a member of the Supervisory Board of NJSC Naftogaz of Ukraine for UAH 6.328 million (about $ 19 thousand per month at the current exchange rate). The government portal reported this. Thus, according to Resolution №503 […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Uber is willing to sell the part of its stake in Didi for 6,3 billion

Taxi service Uber Technologies Inc. wants to sell the part of its stake in the Chinese taxi ordering service Didi Chuxing worth $ 6.3 billion, writes Bloomberg agency. According to sources, Uber is negotiating the sale of shares in Didi with Japanese company SoftBank Group, which is the major shareholder in both companies. “Although various […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Foreign pharmaceutical company will invest $ 50 million in the construction of a plant in the Kiev region

Foreign pharmaceutical company Euro Pharma International is building a new pharmaceutical plant in Kiev Svyatoshinsky district, Kyiv region. The first phase of the project start is scheduled for autumn 2016. To date, the company estimates the volume of investments of $ 50 million. “I am very pleased that the foreign investors are interested in our […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

NASA has terminated a major contract with SpaceX

NASA has suspended a contract with SpaceX to build a monthly landing module, which cost $ 2.89 billion. It is noted that the company of Amazon founder Jeff Bezos Blue Origin and Dynetics have protested the decision to outsource the construction of the SpaceX module to the US Central Audit Office (GAO). SpaceX must now […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Poroshenko’s former plant has paid off 300 million in debt

The Kyiv shipyard Kuznya na Rybalskomu (Ukrainian: “Кузня на Рибальському”) has returned to the state budget more than 300 million UAH, which the Ministry of Finance had previously paid on the company’s debts. It is noted that in 2017 the government provided state guarantees for a plant loan from Ukreximbank. The credit line allowed to […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Now You Can Improve Your Chances to Open a Successful Trade

Your approach to trading matters. There are times when your trades have more chances to succeed. Try to build your trading plan around the periods with the highest liquidity and make sure to avoid the market in most dangerous times. The Most Suitable Periods Your ability to open and close trades at the best price […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

For the first time, the Baltic States have given up electricity from Russia

For the first time in history, the Baltic States have completely given up electricity from Russia during the tests for the exit from the BRELL energy ring (Belarus, Russia, Estonia, Latvia, and Lithuania – ed.), Scheduled for 2025. It is noted that Latvia suspended commercial imports from Russia for two days (April 8 and 11) […]

Next
Lufthansa suffered a quarterly loss of almost 2 billion euros
News

Ukrainian tutor search service Preply enters the Brazilian market

Internet service Preply, that was designed for searching of local and online tutors, announced the release to the Brazilian market. For this purpose, the company made a localization to Portuguese, implemented the accepting of payments in reais, and hired a Brazilian student Lucia in Kiev office. Her responsibilities will include support for tutors in the […]

Next