Lufthansa Group had a record net attributable loss of €6.725 billion in 2020, compared with a profit of €1.213 billion in 2019, due to a drop in flights because of travel restrictions to curb the pandemic.
Lufthansa reported Thursday that it had an operating loss of 7.353 billion euros (profit of 1.857 billion euros a year earlier) and that it had a turnover of 13.589 billion euros (-63%), EFE reported.
The operating losses were also due to the depreciation of aircraft and other company assets.
See also: IAG loses 6,923 million in 2020.
The increase in prices and revenues in the cargo division did not offset the sharp drop in passenger flights.
Lufthansa CEO Carsten Spohr said in presenting the figures that “last year was the most difficult in the history of our company, for our customers, employees and shareholders.”
“Travel restrictions and quarantines led to a unique slump in air traffic demand,” according to Spohr.
The number of passengers carried by Lufthansa fell to 36.4 million, an amount that represents a quarter of the 2019 figure.
The number of flights is also down to one-third of 2019 flights and most of Lufthansa’s aircraft fleet is grounded.
Lufthansa is to reduce its fleet to 650 aircraft by 2023 and wants to sell some subsidiaries.
The company has reduced personnel costs by cutting the workforce, agreeing measures with the unions and thanks to state benefits, the ERTE, “Kurzarbeit” in Germany.
At the end of 2020 the Lufthansa Group had 110,000 employees, 20 % less than a year earlier.