Lufthansa has reduced its losses to one million euros every two hours, the CEO says

FRANKFURT / PARIS (Reuters) – Lufthansa loses € 1 million ($ 1.2 million) every two hours, “a significant improvement” from the low point of the COVID-19 crisis, the group’s chief executive said Thursday. of German airlines.

Lufthansa, which at one point last year was accumulating losses at double the rate, has cut costs and reduced flights to those who generate positive money thanks to sustained load rates, CEO Carsten Spohr said in an interview. webcast hosted by Eurocontrol.

The group received a € 9 billion bailout last year in which the German government took a 20% stake.

Lufthansa has so far used around 3 billion euros of its cash injection, Spohr said, and it may end up not needing the full amount.

The airline still hopes for a strong recovery in travel from from the northern summer onwards, Spohr added, and expects to reach 40-60% of pre-crisis capacity for the full year.

Reportage by Ilona Wissenbach and Laurence Frost; Editing by David Goodman