Lufthansa Group has plummeted into a €342 million first-quarter (Q1) net loss citing increasing fuel costs and short- and medium-haul overcapacity in Europe for its “depressed” earnings.
The German carrier, which revealed its full Q1 results following a preliminary report earlier this month, said fuel costs increased to €202 million, contributing to Q1 adjusted ebit (earnings before interest and tax) of -€336 million, down from €52 million this time last year.
Its Q1 net income, meanwhile, fell from -€39 million to -€342 million. Total QI revenue, however, increased to €7.9 billion, up 3% year-on-year.
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