Lufthansa to undergo reconstruction after recording €2.1bn net loss

Lufthansa airline has announced that it would undergo “far-reaching” restructuring after it posted a first-quarter net loss of 2.1 billion euros ($2.3 billion) on Wednesday, hammered by the global pandemic.

“Global air traffic has come to a virtual standstill in recent months. This has impacted our quarterly results to an unprecedented extent.

“In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this,” board chairman Carsten Spohr said in a statement.

(AFP)