Lufthansa reports US$521.3 million Q1 loss
May 3, 2012, Berlin, Ger. - German airline Deutsche Lufthansa AG reported a first-quarter loss of C397 million (US$521.3 million) on Wednesday, blaming high prices for fuel and other expenses.
In the same period last year the airline reported a net loss attributable to shareholders of C507 million.
Lufthansa's operating loss widened to C381 million, from a year-ago loss of C169 million, despite a 5.6 per cent rise in revenue to C6.6 billion.
"The additional revenue could however not offset the cost increases, in particular for fuel,'' the airline said in a statement released ahead of its full earnings report Thursday.
The International Air Transport Association said Wednesday that with oil prices remaining stubbornly above $100 a barrel over the past year, the airline industry is suffering.
"Jet fuel prices have risen 8 per cent since January. Considering that fuel now accounts for 34 per cent of average operating costs, it's an increase that hurts,'' said IATA's chief executive Tony Tyler.