Germany's Lufthansa said on Thursday it further narrowed its losses in the second quarter and recorded its first positive cash flow since the start of the coronavirus crisis, citing faster than planned cost cuts.
The group, which also owns Eurowings, Swiss, Brussels and Austrian Airlines, said its adjusted operating loss narrowed to 952 million euros ($1.13 billion), down 43% from a year earlier and lower than the 971 million euros forecast on average in a company-provided poll.
Revenue came in at 3.2 billion euros against a 3.3 billion euro forecast.
Lufthansa, which in June laid out plans to return to profitability with fewer planes and staff than it had before the coronavirus pandemic pummelled the travel industry, said it continued to expect high demand for tourist destinations and recovery in business travel in the second half of the year.
The group reported adjusted cash inflow of 340 million euros in the second quarter after a 1.13 billion outflow a year earlier. (YF)