Lufthansa Group Revenue Plummets by 74%

By Paul Riegler on 5 November 2020
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A Lufthansa 747-400 in Los Angeles

Deutsche Lufthansa announced financial results for the third quarter of 2020.

The Cologne-based company, which also owns Austrian Airlines, Brussels Airlines, Swiss International Airlines, reported third quarter revenue of €2.66 billion ($3.14 billion), down 74% from €10.12 billion in the same period in 2019.

The airline reported a net loss of €1.97 billion loss for the quarter, compared to a €1.3 billion profit in Q3 2019.

Passenger traffic was down by some 80%.  In the third quarter, Lufthansa Group airlines carried 8.7 million passengers, compared to almost 35 million in the same period last year.

Last week, the airline, in a letter to employees, said that its winter schedule cutbacks would cause it to park an additional 125 aircraft, bringing the Lufthansa fleet to the approximate size that it operated in the 1970s.

(Photo: Accura Media Group)

Accura News

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