Lufthansa reported an operating loss of 336 million euros ($380 million) for the first quarter of the year, hurt by rising fuel costs and overcapacity in Europe, sending its shares down 5 per cent in pre-market trade. Germany’s biggest airline said late on Monday
Tens of thousands of Lufthansa passengers faced disruptions on Thursday as cabin crew in Germany kicked off a “massive” 48-hour walkout in the biggest escalation yet of a bitter row over pay and conditions.
The Ufo labour union on Friday announced strikes from Monday to Wednesday this week at Germanwings, which operates on behalf of Lufthansa's Eurowings brand, saying little progress has been achieved in talks with Lufthansa management.
Alitalia’s rescue hopes received a boost with signs that Lufthansa could take a stake in the Italian carrier, while Rome agreed to a 350 million euro ($389 million) bridging loan to ease immediate cash worries.
The German government and Lufthansa, which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro ($9.8 billion) bailout.
Lufthansa announces a 20% cut in leadership positions and the reduction of 1,000 administrative jobs,
Lufthansa's biggest shareholder, German billionaire Heinz Hermann Thiele, criticised the 9 billion euro ($10.1 billion) bailout, saying he had raised his stake in Lufthansa to over 15% and hoped alternative options could be explored.
Lufthansa pledged tough restructuring, even as budget rival Wizz Air upgraded a Middle Eastern expansion - underscoring the contrasting fortunes among airlines grappling with the coronavirus crisis.
The airline urged India to work together with the German government in order to establish a temporary travel agreement between both countries.
The British Airways owner IAG reassured investors with profits in line with expectations despite a tough fuel and trading environment, which has hit other airlines. Rivals such as EasyJet and Lufthansa have reported losses for the early months of 2019, but IAG said first quarter operating profit was 135 million euros ($152 million)