Lufthansa CFO: 1Q2019 earnings 'substantially depressed' due to fuel costs, overcapacity in Europe

Lufthansa Group reported (30-Apr-2019) its 1Q2019 adjusted EBIT "substantially" declined to a EUR336 million loss for the period. The key drivers were a EUR202 million increase in fuel costs and a deterioration in unit revenues in Europe, with a continued reduction of unit costs only partially offsetting the decrease. Group net income declined from a loss of EUR39 million to a loss of EUR342 million. Lufthansa Group CFO Ulrik Svensson stated: "Overcapacities, especially on short and medium haul European routes, substantially depressed our first quarter earnings". He noted the group is "confident" a recovery in unit revenues can be achieved as early as 2Q2019 based on favourable booking levels in the coming months. [more - original PR - English/German]