(TAN): Lufthansa Group has seen an 80% drop in revenue in Q2 to EUR 1.9 billion (USD 2.24 billion), down from EUR 9.6 billion in the same period the previous year. As much as EUR 1.5 billion of this revenue was generated by Lufthansa Cargo and Lufthansa Technik, the airline said.
The Lufthansa Group adjusted EBIT in the quarter under review amounted to minus EUR 1.7 billion (EUR 754 million in the year-before period), 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.
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However, these measures were only partially able to compensate for the decline in sales.
The consolidated net income of Lufthansa Group for the months April to June amounted to – EUR 1.5 billion (previous year: EUR 226 million).
In the entire first half of 2020, Lufthansa Group revenue fell by 52% to EUR 8.3 billion euros. Adjusted EBIT amounted to – EUR 2.9 billion (previous year: EUR 418 million) and EBIT to – EUR 3.5 billion (previous year: EUR 417 million).
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In the second quarter of 2020, the Lufthansa Group airlines carried 1.7 million passengers, 96% fewer than in the previous year. Capacity fell by 95%. The seat load factor was 56%, 27 percentage points below the previous year’s figure.
In the first six months, the Lufthansa Group airlines carried a total of 23.5 million passengers, two thirds-fewer than in the same period last year (minus 66%). Capacity decreased by 61%. The seat load factor fell by 9 percentage points to 72% in the period.
