Lufthansa announces overhaul of budget carrier Eurowings [Reuters]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
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Source: Reuters
Lufthansa announces overhaul of budget carrier Eurowings - Reuters 2 Min Read BERLIN (Reuters) - Lufthansa on Monday announced a turnaround plan for Eurowings in which the budget carrier will focus on short-haul flights and seek a 15% cut in costs by 2022 in the hope of returning to profit. The German airline cited falling revenues at Eurowings as a major reason for its warning on full-year profits on June 16. Eurowings’ revenue was also forecast to fall sharply in the second quarter. Lufthansa said its Eurowings fleet would be standardized on the Airbus A320 family and it would seek to boost productivity at Eurowings by limiting itself in Germany to one air operator’s certificate. Brussels Airlines - the Belgian national flag carrier which Lufthansa took control of in 2016 - would not be integrated into Eurowings, Lufthansa said. A turnaround plan for Brussels Airlines will be announced in the third quarter. Lufthansa also said it would start pegging its dividend payout ratio to net
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