FRANKFURT: Germany’s Lufthansa said on Thursday it further narrowed its losses in the second quarter and recorded first positive adjusted free cash flow since the start of the coronavirus crisis, citing faster than planned cost cuts.
The group, which also owns Eurowings, Swiss, Brussels and Austrian Airlines, said adjusted operating loss narrowed to €952 million, 43% down from a year earlier and lower than €971 million forecast on average in a company-provided poll.
Revenue came in at €3.2 billion, slightly below the €3.3 billion forecast.
Lufthansa, which in June laid out plans to return to profitability with fewer planes and staff than it had before the coronavirus pandemic pummelled the travel industry, said it continued to expect high demand for tourist destinations and recovery in business travel in the second half of the year.