Lufthansa reports 80% decrease in Q2 2020 revenue

Lufthansa Group has reported an 80% drop in revenue in the second quarter to EUR 1.9 billion, compared to EUR 9.6bn in the same quarter 2019, the company said.

Most of the revenue (EUR 1.5 billion) was generated by Lufthansa Cargo and Lufthansa Technik.

The Lufthansa Group adjusted EBIT in the second quarter amounted to (EUR 1.7 billion), compared to EUR 754 million in the same quarter 2019.

Operating expenses were reduced by 59 percent, primarily through the introduction of short-time working for large parts of the workforce and the cancellation of non-essential expenditures. The consolidated net income of Lufthansa Group for the months April to June amounted to minus (EUR 1.5 billion), compared to EUR 226 million in the same quarter 2019.

Lufthansa Cargo´s adjusted EBIT rose to EUR 299 million.

In the second quarter of 2020, the Lufthansa Group airlines carried 1.7 million passengers, 96% fewer than in the previous year. Capacity fell by 95%. The seat load factor was 56%, 27% points below the previous year´s figure. Freight capacity offered fell by 54% due to a lack of capacity on passenger aircraft. The decline in freight kilometers sold was 47%. This reflects an increase in cargo load factor by 10 percentage points, to 71%.