Lufthansa losses narrow in Q2
The Lufthansa Group has posted a smaller loss in the first half of 2012 than it did in the same period last year.
While the net loss of EUR168 million (US$206m) leaves the German carrier mired in the red, it does mark an improvement compared to the EUR206m loss posted in Q2 2011. The improved result was achieved following a 6% increase in revenues, which totalled EUR14.5m, while the company said that its SCORE cost-reduction plan was also having an effect. This will include the reduction of 3,500 jobs.
“By acting systematically, we want to ensure that we can continue to invest for our customers, secure and create jobs for our staff and maintain our profitable growth,” said Simone Menne, Lufthansa’s Chief Financial Officer. “We cannot avoid taking some unpleasant steps, but… the positive earnings performance and the lower unit costs in the second quarter give us confidence that it is worth the effort.”
For the full year Lufthansa has forecast an operating profit “in the mid three-figure million euro range”.