Lufthansa lost 6.7 billions in one year, only cargo business remains profitable

Last year, the Lufthansa airline company closed with a record loss of more than 6.7 billion euros. In the spring, international passenger traffic almost stopped due to travel restrictions and the partial recovery in the summer was soon suppressed by new lockdowns.

This year, the German aviation company expects to operate only half the normal number of flights before the crisis. This, according to Lufthansa, continues to require state support, in the form of subsidised short-time working and the repayment of Paid Social Security contributions.

Lufthansa does not expect to be out of crisis mode until 2024. But even then, the group still flies one tenth less than before the coronavirus pandemic, the company writes in its financial statement. Crucial is whether travel restrictions, especially in the North American market, can be eased after vaccinations and mass testing programs.

Last year, the German government already invested 9 billion euros in Lufthansa to keep the company from falling. In addition, due to the crisis, reorganisations cost 28,000 employees their jobs at the group.

In total, Lufthansa carried 36 million passengers in 2020, only a quarter of the number a year earlier. As a result, turnover fell to 13.6 billion euros, which is 63 percent less than a year earlier. Only Lufthansa cargo flights made a positive contribution.