Lufthansa needs more cash fund due to restructuring costs in the fourth quarter
On Thursday, Lufthansa (LHAG.DE) announced that it would need more cash funds in the fourth quarter due to further restructuring measures as the airline company struggles to cope with the coronavirus crisis’s effects.
Germany’s flagship airline reported a net loss worth 2 billion Euros ($2.4 billion) in the third quarter, compared to its net revenue worth 1.2 billion Euros in 2019.
Europe’s second-largest airline said that its operating expenses fell by 43% in the third quarter due to low fuel costs and fees while its sales were down to 2.7 billion Euros from 10.1 billion Euros.
“We are now at the beginning of a winter that will be hard and challenging for our industry,” Lufthansa’s Chief Executive Officer Carsten Spohr said in a statement.
“We are determined to use the inevitable restructuring to further expand our relative competitive advantage,” he added.