Lufthansa vows company revamp as losses balloon
Lufthansa vowed Wednesday (June 3) to step up restructuring after posting a first-quarter net loss of 2.1 billion euros - that's 2.35 billion dollars.
It comes days after the German carrier agreed a state bailout amid the worldwide travel slump.
The pledge to slash costs was announced as it braces for a significant decline in earnings this year.
Now the group is in talks with labor representatives over cutbacks.
The first-quarter loss was driven by write-downs of 266 million euros on its fleet.
The airline was forced to ground almost all its aircraft.
On Monday the group's non-executive board approved a 9 billion euro government bailout - which will force it to cede some of its prized landing slots to rivals.
Luthansa suffered a 98 per cent slump in April passenger numbers compared to last year.
But it laid out plans to increase capacity in September to reach 40% of what it had scheduled before the crisis.