Pandemic pushes Lufthansa to 1.5 billion euro second-quarter net loss

BERLIN (Reuters) – Germany’s Lufthansa (LHAG.DE) said it does not expect air travel demand to return to pre-crisis levels before 2024 and posted a second-quarter loss of 1.5 billion euros ($1.78 billion) as cost cuts failed to offset a steep decline in revenue.

The airline said on Thursday the collapse in demand for air travel due to the COVID-19 pandemic led to an 80% drop in revenue to 1.9 billion euros compared to 9.6 billion euros a year earlier. It posted a net loss of 1.5 billion euros.

“We are experiencing a caesura in global air traffic. We do not expect demand to return to pre-crisis levels before 2024,” Chief Executive Carsten Spohr said.

“We will not be spared a far-reaching restructuring of our business.”

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