Lufthansa reports first quarter operating loss of 1.2 billion euros

FRANKFURT (Reuters) – Lufthansa (LHAG.DE), which has grounded almost all its aircraft due to the coronavirus pandemic, said its operating loss increased to 1.2 billion euros ($1.3 billion) during the first three months of the year and the loss would be considerably higher in the current quarter.

Crisis-related asset impairments and a slump in the value of fuel hedges would have a further significant negative impact on first-quarter net income, the German airline said on Thursday.

More detailed results would be published during the second half of May, it added.

The operating loss in the first quarter compares to a year-earlier loss of 336 million euros.