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Lufthansa has a record loss of 6.7 billion euros in 2020

Europe / Business and Finance

Deutsche Lufthansa AG, better known as Lufthansa, is Germany's flagship airline and Europe's largest aviation concern, which also includes such large airlines as Swiss International Airlines and Austrian Airlines, lost 75% of passenger traffic in 2020.

Lufthansa has a record loss of 6.7 billion euros in 2020

Following many other airlines, Lufthansa reported last year with a record loss: it amounted to 6.7 billion euros against a profit of 1.2 billion euros a year earlier. The airline's revenue fell 63% to 13.6 billion euros. Lufthansa's debt for the year increased by 43% to 9.9 billion euros. The volume of passenger traffic in 2020 amounted to about 25% of the level of 2019 - 36.4 million people.

Lufthansa CEO Karsten Spohr called the last year "the most difficult year in the company's history."

“Now globally recognized digital certificates of vaccination and testing should replace travel bans and quarantines,” said Mr. Spohr.

The airline predicts that this year the passenger traffic will be at the level of 40-50% of the indicators of 2019, earlier it was said about 60%. Lufthansa is preparing to launch flights from German cities to holiday destinations such as Greece and the Canary Islands this summer.

Last year, Lufthansa found itself in a very difficult situation , amid the coronavirus pandemic, the company was losing 1 million euros per hour. Its leadership even talked about the possibility of bankruptcy, but in the end the German authorities allocated 9 billion euros to save the airline.

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