Lufthansa reports smaller than expected net loss in fourth-quarter
Deutsche Lufthansa on Thursday posted a smaller-than-expected net loss in the fourth quarter and forecast an operating loss in 2021 below last year’s level, according to Reuters.
The German carrier said its net loss came at 1.14 billion euros ($1.37 billion), above the company’s analyst consensus for a loss off 1.24 billion euros in the October-to-December period.
Fourth quarter adjusted earnings before interest and taxes (EBIT) came at -1.29 billion euros, also better than the analyst forecast.
The airline, which secured 9 billion euros in state aid last year, said it expects 2021 capacity on offer of 40% to 50% of 2019 levels and an average monthly operating cash drain of around 300 million euros in the first quarter of 2021.