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Lufthansa airline loses $2.37 billion in the third quarter

On Thursday, the German airline Lufthansa announced its third-quarter loss of 2 billion euros ($2.37 billion), with profits in the same quarter last year reaching 416 million euros.

The company is preparing for a harsh winter amid the continuing state of the country’s lockdown, as it will operate at only 25% of its capacity during the period from October to December, and it has predicted a monthly loss of 350 million euros.

Since the collapse of revenues during the first wave of the Corona pandemic, the German government supported the company in June with an amount of 9 billion euros in exchange for mortgaging 25% of the company to the government, but the return of stresses on movement in Germany and other countries such as France and Britain made the reality of air travel worse.

The German had supported the rapid testing project for the virus, which will reduce the need to prolong the period of home quarantine, which hinders travelers from moving.

The company said that it will maintain the workflow until the return of the profit flow in 2021, provided that the future situation allows it to operate at 50% of the capacity it was working with before the pandemic.

The company warned of the loss of 30,000 jobs due to a decline in its work rate to levels not seen since the 1970s, and said on Thursday that there are 27,000 full-time jobs in excess of the company’s need, and is currently working to find appropriate solutions to reduce employee dismissals by reducing working hours and deducting salaries.

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