Lufthansa faces record loss due to pandemic impact

The collapse in demand for air travel due to the pandemic has caused an 80% drop in revenue for the Lufthansa Group in the second quarter to €1.9bn – which was €9.6bn in 2019. Most of the revenue – €1.5bn was generated by Lufthansa Cargo and Lufthansa Technik. The Lufthansa Group Adjusted EBIT for the quarter amounted to a loss of €1.7bn, compared to €754 million in 2019, which was despite extensive cost reductions. Operating expenses were reduced by 59%, primarily through the introduction of short-time working for large parts of the workforce and the cancellation of non-essential expenditures. However,