Air Transport World

LH tips need for further cost cuts in wake of losses. (News Briefs).(Deutsche Lufthansa AG)(Brief Article)

Lufthansa AG posted a massive first-quarter loss from operations of [euro]415 million ($476.2 million) compared to earnings of [euro]12 million in the prior-year period. Net loss widened from [euro]186 million to [euro]356 million, but net debt was reduced 11% from Dec. 31 to [euro]1 billion. Revenues fell 4.6% to [euro]3.7 billion while traffic revenue dropped 5.8% to [euro]2.58 billion.

Other operating income grew 91.9% to [euro]401 million, including book profits of [euro]79 million from the sale of LH's stake in Start Amadeus.

"Air transport worldwide is facing its greatest economic crisis ever," stated CEO Jurgen Weber, who steps down this month (see Interview, p. …

Log in to your account to read this article – and millions more.