Lufthansa Group is burning cash at a rate of 500 million euros per month.

Follow us on social media and always stay updated

Lufthansa Group burning cash at a rate of 500 million euros ($590 million) per month and is far from breaking even, the German airline’s chief executive said on Monday, Reuters reported.

See also: Lufthansa Group has reimbursed more than 3 billion Euros to its clients.

Speaking at an event run by the BDI association of German industrial companies in Berlin, Carsten Spohr said the airlines group, hit by Europe’s worsening coronavirus situation, was hoping to stop the outflow of cash once it reached a utilisation rate of about 50% for seat capacity.

See also: Lufthansa will not retire the 747-8 and says it will be its “flagship” after the crisis.

“That is absolutely not foreseeable. We are happy if we can reach 20% during winter,” he added.

Lufthansa, which in June received a 9 billion euro government bailout, last month announced further cuts to its fleet and workforce along with a 1.1 billion euro impairment on idled aircraft.

Spohr added on Monday he was certain the group would weather the crisis.