BERLIN: Germany's Lufthansa said it does not expect air travel demand to return to pre-crisis levels before 2024 and posted a second-quarter loss of €1.5 billion (US$1.78 billion) as cost cuts failed to offset a steep decline in revenue.
The airline said on Thursday the collapse in demand for air travel due to the COVID-19 pandemic led to an 80 per cent drop in revenue to €1.9 billion compared to €9.6 billion a year earlier. It posted a net loss of €1.5 billion.
"We are experiencing a caesura in global air traffic. We do not expect demand to return to pre-crisis levels before 2024," chief executive Carsten Spohr said.
"We will not be spared a far-reaching restructuring of our business."