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Lufthansa narrows loss, eases capacity

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German airline cuts its growth plans for the year
Lufthansa is cutting its growth plans for the year after posting a first-quarter operating loss of €53 million, even though this was a narrowing from €167 million in the same period last year.
The group blamed pressure on ticket prices, travellers’ caution after recent terror attacks and cargo weakness. The improvement on last year is mainly due to cost cuts and low oil prices.
The group raked in total revenues of €6.916 billion for the quarter, down slightly from €6.973 billion last year. It expects earnings before interest and tax for the full year to improve a little on last year’s €1.8 billion.
Lufthansa says it will increase overall flight capacity by 6% this year, not the 6.6% it forecast earlier. This follows trends in the airline industry. British Airways owner IAG said last week it would offer fewer flights than initially planned this summer, as less people are flying since the Brussels attacks.
Reuters

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