Air France-KLM Looks to Cut Costs as First Quarter Loss Widens [BNN Bloomberg (Canada)]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
NASDAQ:AMEX Investor Relations:
investor-relations.lufthansagroup.com/en.html
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Source: BNN Bloomberg
The carrier's operating loss widened to €489 million ($523 million) compared with €306 million in the year-earlier period, the Franco-Dutch group said Tuesday. Cash at hand decreased by €600 million from the end of 2023 to €9.9 billion, following the repayment of a convertible bond in March, the company said. “Our operating income was impacted by disruption costs and a slower cargo business,” Chief Executive Officer Ben Smith said in the statement. Still, demand for air travel remains “structurally robust.” While the return of travel has held up since the end of the Covid-19 pandemic, European airlines have had to contend with other challenges, from rising costs to supply chain disruption, strikes and conflicts complicating flight paths. Rival Deutsche Lufthansa AG on Tuesday also said it would initiate a cost-cutting drive that includes freezing projects and reviewing hiring in some areas. Read More: Lufthansa to Cut Costs, Stop Projects as Strikes Hurt Profit (1) Free cash
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