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Lufthansa warns of further restructuring costs in fourth quarter

Lufthansa warns of further restructuring costs in fourth quarter

FILE PHOTO: Lufthansa planes are seen parked on the tarmac of Frankfurt Airport, Germany June 25, 2020. REUTERS/Kai Pfaffenbach

BERLIN: Lufthansa on Thursday said it booked a net loss of 2 billion euros (US$2.35 billion) in the third quarter due to the pandemic-related slump in travelling and announced further restructuring measures would weigh on fourth-quarter figures.

The amount of the expected restructuring costs will depend on the negotiations with trade unions, the group said.

The German airline, which secured a 9 billion euro statebailout in June, said it had liquidity of 10.1 billion euros available.

Third-quarter sales fell to 2.7 billion euros from 10.1 billion euros in the previous year's period.

(US$1 = 0.8520 euros)

(Reporting by Kirsti Knolle; Editing by Michelle Adair)

Source: Reuters

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