Oxford, UK (CNN) – German Airlines group Lufthansa loses 1 million euros ($ 1.2 million) every two hours, and is currently operating at only 20% capacity.
Lufthansa chief executive Carsten Spur said on Thursday that this represented a “significant improvement” from the lowest point in the Covid-19 pandemic, as the airline group was losing 1 million euros ($ 1.2 million) every hour.
Speaking at “EUROCONTROL Aviation Straight Talk” about the state of airlines in the European Union, the Lufthansa president attributed this improvement in losses to efficiency measures that have led to them shutting down two airlines within the group and cutting 29,000 jobs since the start of the pandemic.
With improved vaccination rates globally, Carsten Spoor predicted a “sharp recovery (in aviation) in the summer period,” as Lufthansa prepares to recover by 40-60% by the end of the year.
