FRANKFURT: Lufthansa on Thursday lowered its expectations for a travel rebound in 2021 despite optimism about vaccines, as the coronavirus pandemic pushed the German airline giant into another quarterly loss.
The group reported a 1.0 billion ($1.2 billion) euro net loss over the January to March period, slightly beating analyst expectations. The result was also much improved on the 2.1 billion euro loss it booked over the same period a year earlier, when the first Covid-19 wave upended air travel and left planes grounded worldwide.
“The first quarter was still completely dominated by the pandemic. Thanks to consistent cost savings, we were nevertheless able to achieve better results than in the previous year,” said chief executive Carsten Spohr in a statement.
Group revenues reached 2.6 billion euros, down 60 percent on the first quarter of 2020 whose early days were still unaffected by the pandemic.
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