The collapse in demand for air travel during the Covid-19 outbreak led to an 80 per cent drop in revenue at Lufthansa Group in the second quarter.
The aviation giant took just €1.9 billion over the past three months, down from €9.6 billion in the same period last year.
Most of the revenue, some €1.5 billion, was generated by Lufthansa Cargo and Lufthansa Technik.
Lufthansa Group adjusted EBIT for the quarter was – €1.7 billion, down from €754 million last year, despite extensive cost reductions.
Operating expenses were reduced by 59 per cent, primarily through the introduction of short-time working for large parts of the workforce and the cancellation of non-essential expenditure.
The logistics division benefited from stable demand.
In the second quarter, Lufthansa airlines carried 1.7 million passengers, 96 per cent fewer than in the previous year.
Carsten Spohr, chief executive of Deutsche Lufthansa, said: “We are experiencing a caesura in global air traffic.
“We do not expect demand to return to pre-crisis levels before 2024.
“Especially for long-haul routes there will be no quick recovery.”
He added: “We were able to counteract the effects of the coronavirus pandemic in the first half of the year…