German airline company ‘Lufthansa’ has posted a €1.7 billion quarterly loss and does not expect normal operating levels to resume until 2024.
Between the months April and June, the airline carried 96% fewer passengers than the year earlier which has lead to an 80% decline in second-quarter revenue to €1.9 billion.
Chief Executive Carsten Spohr stated that “We do not expect demand to return to pre-crisis levels before 2024,”.
Last month, the company stated that it would cut 20% of its leadership positions and 1,000 administrative jobs in order to repay a €9 billion state bailout.
By the end of June, the company had 8,300 fewer employees and now aims to reduce 22,000 full-time jobs.
In the fourth quarter, Lufthansa plans to increase its short and long-haul capacity to 55% of prior year capacity and 50% on long-haul routes.
In the second half of the year, the company plans to post an adjusted operating loss as it has been currently operating on a €1.7 billion loss.
A further decline in adjusted operating profit is also to be expected.