Lufthansa Group scales back winter schedule; posts quarter loss

Lufthansa Group, which owns Austrian Airlines, Brussels Airlines, Swiss International Airlines, has reported a €1.967bn loss for the three months to end September 2020, as revenues plummet by 74% compared to the year-ago period to €2.66bn. The group has liquidity of €10.1bn available, of which €6.3bn are “unutilized stabilization measures”. Lufthansa Cargo reports strong performance, which is further supporting the group liquidity. Despite a 36% decline in freight capacity due to the loss of belly freight capacity, Lufthansa Cargo’s revenue rose by 4% in the first nine months of 2020, aided by its freighter fleet of 13 B777Fs (incl. Aerologic)