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Lufthansa has cut losses to a million euros every two hours, says CEO

Lufthansa has cut losses to a million euros every two hours, says CEO

FILE PHOTO: CEO of Lufthansa, Carsten Spohr, delivers a speech during the opening ceremony of the new Berlin-Brandenburg Airport (BER) "Willy Brandt" in Schoenefeld, near Berlin, Germany October 31, 2020. Tobias Schwarz/Pool via REUTERS

FRANKFURT/PARIS: German airline Lufthansa is losing 1 million euros (US$1.2 million) every two hours, which represents "a significant improvement" over the low point of the COVID-19 crisis, Chief Executive Carsten Spohr said on Thursday.

Lufthansa, which was racking up losses at twice that rate at one point last year, has cut costs and pared flights to those generating positive cash flow thanks largely to buoyant cargo rates, Spohr said in a webcast interview hosted by Eurocontrol.

(Reporting by Laurence Frost and Ilona Wissenbach; Editing by David Goodman)

Source: Reuters

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