Germany’s leading airline Lufthansa recorded a net loss of €2 billion ($2.3 billion) in the third quarter of the current year due to the coronavirus pandemic.
The figure was down from net income of €1.2 billion ($1.42 billion) in the same quarter of 2019, Lufthansa said in a statement.
Sales of Lufthansa fell to €2.7 billion ($3.2 billion) in the July-September period, down from €10.1 billion ($12 billion) in the same period last year.
The company cut its operating expenses by 43% year-on-year, led by lower fuel costs, fees and a reduction in other costs related to flight operations.
Lufthansa will offer a maximum of 25% of last year’s capacity from October to December as demand for air travel is expected to remain low.
It expected to limit the average monthly operating cash drain at around $350 million ($413 million) in the fourth quarter of this year.