Lufthansa: another airline's revenues crash in Q3 (-74%)
(CercleFinance.com) - Lufthansa has announced Q3 revenues of 2.
66 billion euros, a far cry from the 10.1 billion euros reported a year ago, representing a 74% fall.
At the end of the period, the group's net loss amounted to 1.96 billion euros, representing EPS of - 3.8 euros. Last year the German airline reported earnings of 1.15 billion euros (EPS of 2.43 euros).
In the third quarter of 2020, the Lufthansa Group carried a total of 8.7 million passengers, about five times less than a year ago. Its load factor was 53%, 33 percentage points below the previous year's figure. Cargo capacity fell by 47%, due to the decline in the number of passenger aircraft.
In the coming winter months, demand for air travel is expected to remain weak due to the global increase in infection rates and associated travel restrictions. Lufthansa will therefore adjust its initial schedule and offer a maximum of 25% of last year's capacity from October to December, it said.
The share was down just under 2% towards midday on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
66 billion euros, a far cry from the 10.1 billion euros reported a year ago, representing a 74% fall.
At the end of the period, the group's net loss amounted to 1.96 billion euros, representing EPS of - 3.8 euros. Last year the German airline reported earnings of 1.15 billion euros (EPS of 2.43 euros).
In the third quarter of 2020, the Lufthansa Group carried a total of 8.7 million passengers, about five times less than a year ago. Its load factor was 53%, 33 percentage points below the previous year's figure. Cargo capacity fell by 47%, due to the decline in the number of passenger aircraft.
In the coming winter months, demand for air travel is expected to remain weak due to the global increase in infection rates and associated travel restrictions. Lufthansa will therefore adjust its initial schedule and offer a maximum of 25% of last year's capacity from October to December, it said.
The share was down just under 2% towards midday on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.