RTTNews | Apr 29, 2021 01:18AM EDT

01:17 Thursday, April 29, 2021 (RTTNews.com) - German airline Deutsche Lufthansa AG (DLAKF, DLAKY) on Thursday reported that its first-quarter consolidated net loss 1.05 billion euros, narrower than prior year's loss of 2.12 billion euros.

Loss per share was 1.75 euros, narrower than loss of 4.44 euros a year ago.

Adjusted EBIT was loss of 1.14 billion, compared to prior year's loss of 1.22 billion euros.

Lufthansa Group said it reduced operating loss compared to prior year through significant cost savings. Operating expenses reduced by 51 percent.

Group sales fell 60 percent to 2.56 billion euros in the first quarter from last year's 6.44 billion euros. The previous year's comparable quarter was only partially affected by the effects of the pandemic.

Regarding future corporate financing, the company said it will propose the Annual General Meeting on 4 May 2021 the creation of a new Authorized Capital C with a nominal value of up to 5.5 billion euros. The aim is for the company to raise capital flexibly in the capital market.

Looking ahead for the full year 2021, the company continues to expect a lower operating loss compared to the prior year, as measured by Adjusted EBIT.

Demand is expected to only recover gradually in the second quarter. However, as a result of the progress of vaccinations and the further availability and growing acceptance of testing possibilities, the company expects a significant market recovery in the second half of the year.

For the full year, the company expects a capacity of approximately 40 percent of the pre-crisis level (so far: 40 to 50 percent).

Read the original article on RTTNews ( https://www.rttnews.com/3189369/lufthansa-q1-net-loss-narrows-sales-down-backs-fy21-view-sees-significant-demand-recovery-in-h2.aspx)

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