Lufthansa Group CFO: 'We cannot be satisfied with the operating result for 1Q2024'

Lufthansa Group reported (30-Apr-2024) an operating loss of EUR849 million for 1Q2024, compared to a loss of EUR273 million in 1Q2023. CFO Remco Steenbergen stated: "We cannot be satisfied with the operating result for 1Q2024", adding: "At more than EUR350 million, the various strikes had a significant impact on our result". Mr Steenbergen said: "Nevertheless, cash flow was positive due to the continuing high demand for air travel", with passenger traffic up 12% year-on-year. The group's airlines expanded seat capacity by 12%, despite the strike related cancellations, reaching 84% of the 2019 level and around 5pp lower than originally planned. The group noted that "despite the significant increase in capacity, the load factor remained consistently high due to high demand", with passenger load factor reaching 79.7%, in line with the 1Q2023 level. [more - original PR]