Lufthansa suffered 2.1 billion euros ($2.35 billion) worth of losses in the first quarter of 2020, the German airline group said in a statement on Wednesday.
The airline blamed the global pandemic for most of the damage and said cost-cutting measures implemented so far — like moth-balling jets and putting large parts of staff on Germany’s labor protection program — were only able to partially offset the revenue decline.
“Global air traffic has come to a virtual standstill in recent months. This has impacted our quarterly results to an unprecedented extent,” Lufthansa CEO Carsten Spohr said.
“In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this.”
Lufthansa recently secured a German government bailout of nearly $10 billion to help the carrier through the crisis.
Source: CNN News