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Lufthansa Posts Loss In Q3

German airline Deutsche Lufthansa AG (DLAKF,DLAKY) Thursday reported a loss for the third quarter, with a steep decline in sales, as the global corona pandemic continued to have a significant impact on its results.

The Group reported a net loss of 2 billion euros compared to last year's net profit of 1.2 billion euros. Loss per share was 3.80 euros versus profit per share of 2.43 euros a year ago. On an adjusted basis, EBIT for the quarter was a negative 1.3 billion euros compared to a positive 1.3 billion euros.

However, the Group's operating expenses were down by 43 percent, partly as a result of significantly lower fuel costs, fees and a reduction in other costs, which is based on flight operations.

The Group's sales for the third quarter fell to 2.7 billion euros from 10.1 billion euros last year.

During the quarter, the airlines said it carried passengers about 20 percent of previous year, while offered capacity fell to 22 percent of the last year's level. The seat load factor was at 53 percent, 33 percentage points below the previous year's figure.

Looking ahead, the airline said it will offer a maximum of 25 percent of last year's capacity from October to December, as demand for air travel is expected to remain low due to the global raise of infection rates and the related travel restrictions.

However, the Group said it remains on track for returning to a positive operating cash flow during the course of 2021.

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