Lufthansa passenger airlines record EUR300m strike impact in 1Q2024

Lufthansa Group reported (30-Apr-2024) its passenger airlines recorded an adjusted EBIT loss of EUR918 million in 1Q2024, compared to a loss of EUR512 million in 1Q2023. Strikes had an impact of around EUR300 million. Yields decreased 2.5% year-on-year, "partly due to the strike related uncertainty on the customer side and the corresponding lack of high priced last-minute bookings". Unit revenues decreased 6.3%, "also influenced by lower cargo revenues and significantly higher compensation payments to passengers due to the strike". Due to the high losses in the core brand Lufthansa in 1Q2024, the carrier "has initiated measures to strengthen the result this year in the short term". It stated: "Among other steps, it is planned to reduce operating costs, stop new projects and assess the need for additional staff in administrative areas". [more - original PR]